Asian shares hit 14-week highs amid hope of a trade deal

Analysts caution that the contentious issues of whether the US will cancel the planned December tariffs and remove some tariffs could make talks with China falterShanghai — Asian shares surged to more than 14-week highs on Monday as growing optimism over US-China trade talks and upbeat US job data boosted global investors’ appetite for riskier assets.

Any lingering uncertainty over the outlook for trade talks was not enough to keep the S&P 500 from gaining 0.97% and the Nasdaq rising 1.13% to fresh record closing highs on Friday.On Monday, US S&P 500 e-mini stock futures were up 0.2% at 3,067.8. Rob Carnell, Asia-Pacific chief economist at ING in Singapore, said some market optimism was “probably justified” in the wake of the positive data.“Everybody had been looking for a much worse number and it didn’t materialise, so some bounce from that was entirely plausible and reasonable.”

While cash treasuries were not trading due to the Japanese market holiday, US 10-year Treasury futures were down 0.06% amid the broadly bullish market mood.Oil prices, which had surged on hopes for a US-China trade deal, pulled back on Monday. Global benchmark Brent crude was off 0.6% at $61.35 per barrel and US West Texas Intermediate crude was 0.4% lower at $55.96.

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