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Nikkei 225 closes higher by 2.56% at 20,179.09

  
Analysis, Global Indices
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Asian stocks rally to close out the week

Nikkei 08-05

It is a solid end to the trading week for Asian equities, with the Nikkei leading the charge after US stocks posted a strong performance in overnight trading. Some optimistic tones on the US-China trade rhetoric are also helping a little with sentiment on the day.

The Hang Seng is up by 1.1% while the Shanghai Composite is up by 0.9% currently.
All of this is translating into a softer dollar and yen in the currencies space, with the aussie and kiwi benefiting from the movement so far today. AUD/USD is up by 0.5% to 0.6530.

China set to remove ownership cap on financial firms starting next year

  
  Analysis
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This could be in part what is helping stocks to rally further

The Chinese Securities and Regulatory Commission has announced that they will scrap foreign ownership limit on futures companies starting from 1 January 2020.

Meanwhile, they will also remove the foreign ownership limit on fund management firms from 1 April 2020 and a similar cap on securities companies from 1 December 2020.
This is part of the opening up process and is welcome news for risk even if it comes at a time when markets are waiting on the outcome of trade talks.
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