Asian shares hit three-and-a-half-week high on U.S.-China trade optimism, oil climbs
Asian shares climbed to a 3-1/2-week high on Wednesday, supported by growing optimism that the United States and China can strike a trade deal to avoid an all-out confrontation that would severely disrupt the global economy. The United States and China agreed to extend trade talks in Beijing for an unscheduled third day on Wednesday, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased access to China’s markets.
- MSCI’s broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) rose 1.5 percent to its highest level since Dec. 14.
- Japan’s Nikkei (N225) rose 1.3 percent.
- Shanghai Composite (SSEC) rebounded 1.5 percent.
- Australia’s benchmark ASX 200 rose nearly 1 percent
- Wall Street’s S&P 500 (SPX) gained nearly 1 percent on Tuesday.
- The euro traded at $1.1452 (EUR=)
- Japanese yen, widely seen as a safe-haven currency, traded at 108.89.
- Australian dollar was at $0.7121 after touching an earlier high of $0.7149.
- U.S. West Texas Intermediate (WTI) crude oil futures (CLc1) rose above $50 per barrel overnight. They rose 1.5 percent in Asia to $50.51.
- Brent crude futures gained 1.36 percent to $59.52 per barrel
- 10-year Treasuries yield (US10YT=RR) rising to 2.733 percent.