‘Very good’ trade talks lift Asian shares

A man looks at an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. Picture: REUTERS/KIM KYUNG-HOONAsian shares rose on Friday after US President Donald Trump said he would meet China’s top trade negotiator, stirring hope for an agreement, while sterling was flat after earlier jumping on optimism over a potential Brexit deal.

Australian shares climbed 0.8%, while Japan’s Nikkei stock index gained 1%. Chinese blue-chips added 0.5%. Even before Trump’s comments, hopes for an agreement helped to lift US markets. The Dow Jones Industrial Average added 0.57%, the S&P 500 gained 0.64% and the Nasdaq Composite rose 0.6%. Analysts at National Australia Bank said freezing tariffs at current levels would be unlikely to reverse the trade-driven slowdown in economic growth.

The dollar index, which tracks the greenback against a basket of six major rivals, was down at 98.655 after posting its biggest daily drop in five weeks on waning safe-haven demand for the currency.

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