Asian shares rally on US-China trade deal hopes
Asian shares closed in on their July peak today on increasing signs the United States and China are inching closer to a truce in their trade war and on optimism the US economy is well poised for solid, consumer-driven growth.
- MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trade after hitting a four-month high the previous day.
- Japan’s Nikkei rose 1.34 per cent to one-year high after a market holiday yesterday.
- On Wall Street, the S&P 500 gained 0.37 per cent to a record high of 3,078.27 yesterday while the Dow Jones and the Nasdaq also clinched all-time highs.
- In the currency market, the dollar gained to ¥108.60, extending its recovery from 107.89 touched on Friday.
- The euro traded at US$1.1128.
- The Australian dollar traded at US$0.68915.
- US West Texas Intermediate (WTI) crude traded at US$56.56 per barrel, having hit a six-week high of US$57.43 on Monday.