Asian shares pick up on US-China trade deal hopes
Asian shares edged higher on Monday after U.S. President Donald Trump said over the weekend that trade talks with China were moving along 'very ...
Japan's Nikkei was up 0.2per cent to inch closer to a recent 13-month high. Australian shares rose 0.5per cent to a two-week high while South Korea's KOSPI was off 0.2per cent.
That left MSCI's broadest index of Asia-Pacific shares outside Japan 0.05per cent firmer at 534.63, testing a recent six-month peak.
"Despite his bluster that 'China wants a trade deal more than I do', markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year," said David Bassanese, Sydney-based economist at Betashares.
By the close of Wall Street on Friday, optimism had returned to the market as investors bet that Washingon needs a deal and it is in the interests of China, too. All three major U.S. indexes eked out record closing highs.
"Focus this week will again be on any reports on U.S.-China trade negotiations," Bassanese said."There is still a lingering risk that talks could fail once again, in which case the recent risk-on global sentiment could be quickly unwound."
U.S. officials said a lot of work remained to be done when Trump announced the outlines of an interim deal last month, and Beijing has since pushed back on U.S. demands for big agricultural purchases, among other issues.
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