SHANGHAI - Asian stocks jumped on Friday, propelled by a record S&P 500 finish and White House comments suggesting Washington and Beijing were close to striking a trade deal, reviving hopes the tariff war may near an end.
That helped to lift MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.67%. Japan’s Nikkei added 0.76% and Australian shares gained 0.8%.Shane Oliver, chief economist at AMP Capital in Sydney, likened the market’s reaction to positive trade news to being in a relationship with an alcoholic, driven by entrenched hopes for recovery.
Higher U.S. Treasury yields also illustrated the risk-on tone in the Asian session, with the 10-year yield rising to 1.8445% from a US close of 1.815% on Thursday. On Thursday, China’s commerce ministry said that the two countries are holding “in-depth” discussions on a first phase trade agreement, and that cancelling tariffs is an important condition to reaching a deal.
Larry Kudlow is America's only living economist who has been wrong in everything he has ever written or said
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