Asian shares near nine-month highs on support from trade talk optimism
Equities rise after US treasury secretary says he hopes trade talks with China are nearing the final lap, while strong Chinese data boosts confidence in the global economy
Sydney — Asian shares neared nine-month highs on Monday after US treasury secretary Steven Mnuchin said he hopes US-China trade talks are approaching a final lap, while strong Chinese export and bank loan data boosted confidence in the global economy. The consequent improvement in risk appetite resulted in the dollar easing against other major currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6% to its highest since late July. Chinese shares led the growth with the blue-chip CSI300 index rising 2.2%. Hong Kong’s Hang Seng added 1.2% while South Korea’s Kospi rose 0.7%. Japan’s Nikkei also joined the party, gaining 1.4% to the highest since early December. “Stocks bulls certainly have the wind at their backs with improving growth but steady inflation, reduced trade tensions and a solid/better-than-feared Q1 earnings season,” JPMorgan analysts said in a note. The rally follows on from strong finish on Wall Street on Friday as investors cheered Chinese da...
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