Asian shares rise slightly amid the expectation of good holiday sales
Equities post modest gains on the hope of solid US holiday sales, but falling oil prices fan concern about a dimming outlook for the global economy
Tokyo — Asian stocks and US equity futures posted modest gains on Monday on the hope of solid US holiday sales, although plunging oil prices fanned worry about a dimming outlook for the global economy. Investors were also cautious before US and Chinese leaders meet for crucial talks at the end of the week as trade tensions between the economic superpowers showed no signs of easing. “The US-China summit is the biggest event for the rest of the year,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.7%, led by gains in Hong Kong and Taiwan, while Japan’s Nikkei advanced 0.8%. In China, the Shanghai composite index ticked up 0.3%. US stock futures tacked on 0.4% in Asian trade, on hopes of brisk spending by US consumers on so-called Black Friday and Cyber Monday sales. Shoppers across the US snapped up deep discounts on toys, clothing and electronics both online and at stores on Black Friday, giving re...
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