Asian Markets Rise Ahead of US-China Summit as Oil Prices Fall

The stock markets in Asia have risen ahead of the US-China summit, but oil prices continue to fall. Strategists at the Commonwealth Bank of Australia, led by Joseph Capurso, believe that the summit will likely do little more than maintain a fragile relationship between the two countries.

In a note to clients, they stated, 'We expect the People's Bank of China to continue to support the strengthening of the yuan (CNY) in the run-up to the summit.'

The meeting is seen as a preparatory step for Chinese leader Xi Jinping's visit to the White House on Thursday. Markets are remaining cautious due to various global concerns, including the conflict involving Iran and rising inflation fears.