TOKYO - Asian stocks held firm on Friday as U.S. President Donald Trump’s rhetoric kept investors’ hopes up on a trade deal with China, while oil sat near two-month highs after producers led by Saudi Arabia and Russia agreed on further output cuts.
Trump said on Thursday that U.S.-China trade talks are “moving right along,” striking an upbeat tone despite a lack of agreement over whether existing tariffs should be dropped as part of a deal. Oil prices stood little changed near recent peaks after major oil exporting countries agreed on Thursday to cut output by an extra 500,000 barrels a day in the first quarter of 2020, after a nearly six-hour meeting on Thursday.
“But since OPEC countries haven’t fully complied with the existing cut, markets will probably have to wait to see how the cut will pan out,” he added. In the currency market, the British pound soared on growing confidence that next week’s election will give the Conservative Party the parliamentary majority it needs to deliver Brexit, ending near-term uncertainty.
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