Asian shares up as trade optimism lingers, oil firm on OPEC+ output cut

SYDNEY/TOKYO: Asian stocks gained on Friday as investors took heart from U.S. President Donald Trump saying trade talks with China were"moving right along", and U.S. oil prices sat near 2-1/2-month highs after OPEC and other producers agreed to cut output.

"Many players have taken a wait-and-see attitude given a lack of fresh trading cues ahead of U.S. payrolls data and other key events. But clearly, the mood is modestly positive," said Yasuo Sakuma, chief investment officer at Libra Investments.Investors were hoping the two sides will reach a compromise to at least avoid their worst fears - that the United States will go ahead with its final batch of tariffs on about US$156 billion of Chinese exports.

The one-month moving average for the put-to-call ratio of open contracts on the S&P 500 was at 2.2, well above its level ahead of previous sell-offs, data from options analytics firm Trade Alert show. Details of the agreement and how the cuts will be distributed among producers still need to be ratified at a meeting in Vienna of OPEC and non-OPEC nations, otherwise known as OPEC+, on Friday.

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