Asian shares near nine-month highs, helped by U.S. optimism on China trade talks
SYDNEY (Reuters) - Asian shares neared nine-month highs on Monday after U.S. Treasury Secretary Steven Mnuchin said he hoped U.S.-China trade talks were 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 percent to its highest since late July. Chinese shares led the growth with the blue-chip CSI300 index rising 2.2 percent.
Hong Kong’s Hang Seng added 1.2 percent while South Korea’s KOSPI rose 0.7 percent. Japan’s Nikkei also joined the party, gaining 1.4 percent 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 data showing exports rebounded in March to a five-month high while new bank loans jumped by far more than expected.
Investors also welcomed positive headlines on the Sino-U.S. trade talk as well.
https://www.reuters.com/article/us-global-markets/asian-shares-near-nine-month-highs-helped-by-u-s-optimism-on-china-trade-talks-idUSKCN1RR01L
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