Asian shares find footing as mood swings on trade
Asian shares staged a cautious rally on Monday as investors dared to hope for some progress in the endless Sino-U.S. trade dispute, while the outperformance of recent U.S. economic data gave the dollar a leg up on its peers.
- MSCI’s broadest index of Asia-Pacific shares outside Japan bounced 0.7%, after losing 0.4% last week.
- Japan’s Nikkei firmed 0.7%, while Australian stocks rose 0.5% and Shanghai blue chips 0.3%.
- E-Mini futures for the S&P 500 added 0.2%, while EUROSTOXX 50 futures gained 0.6%. FTSE futures firmed 0.3%.
- The euro was off at $1.1020 on Monday, having breached chart support at $1.1040.
- The dollar edged up to 108.76 yen.
- The dollar was steady on a basket of currencies at 98.271, after gaining 0.3% last week.
- Spot gold was flat at $1,461.20 per ounce, restrained by the bounce in the dollar.
- Oil prices held near two-month highs helped by expectations of an extension to OPEC+ production cuts.
- Brent crude futures firmed 17 cents to $63.58, while U.S. crude rose 13 cents to $57.90 a barrel.