Chinese shares charge ahead on US tariff respite
Asian equities take their lead from China after President Donald Trump says he will delay in increase in tariffs on Chinese imports
Sydney — A surge in Shanghai shares led Asia higher on Monday after US President Donald Trump confirmed he would delay a planned hike in tariffs on Chinese imports as talks between the two sides made “substantial progress”. Chinese blue chips jumped 3.5% to territory last trod in mid-June. That brought gains this year to 20%, helped in part by Beijing’s efforts to pump new credit into the financial system. The Australian dollar, a liquid proxy for China investments, got a mild lift from the news and the dollar touched a fresh seven-month low on the yuan. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3% to the highest since October, and is up 10 percent for the year so far. Japan’s Nikkei climbed 0.5% to levels last seen in mid-December. E-mini futures for the S&P 500 edged up 0.2%, while spread-betters pointed to opening gains for the major European bourses. Trump on Sunday tweeted he would push back the March 1 deadline for higher tariffs and looked forward to ...
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