Trade deal optimism propels regional markets

Business | 15 Nov 2019 2:58 pm

Asian markets jumped today, lifted by White House comments that suggested the possibility of an imminent trade deal between Washington and Beijing, which revived hopes that their tariff war may be nearing an end.

However, investor sentiment remains fragile after weak data from China reinforced concerns about the global economy and amid increasing caution about false signs of progress in Sino-U.S. trade talks.

Tokyo stocks closed higher. The benchmark Nikkei 225 index finished up by 0.70 percent, or 161.77 points, at 23,303.32 while the broader Topix Index climbed 0.73 percent, or 12.27 points, to 1,696.67.

The buoyant mood looked set to extend to Europe, where pan-region Euro Stoxx 50 futures added 0.57 percent to 3,705, German DAX futures climbed by 0.53 percent to 13,253.5, and FTSE futures inched up 0.36 percent to 7,322.

Providing a fillip to investor confidence in early Asian trade, White House economic adviser Larry Kudlow said Washington was getting close to a trade agreement with China.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced by 0.57 percent. Australian shares gained 0.87 by percent.

 Taiwan shares closed up by 75.18 points, or 0.66 percent, at 11,525.60 on turnover of NT$130.20 billion (US$4.28 billion).-Reuters/The Standard 

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