Asian Shares relieved at trade truce, bonds step back
Asian Shares rallied and bonds retreated in Asia on Monday as a thaw in the Sino-U.S. trade dispute averted one threat to the global economy, leading investors to pare wagers on aggressive policy easing by the major central banks.
- Chinese blue chips climbed 2.1% to their highest.
- Japan’s Nikkei climbed 1.6% to a two-month top.
- MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%.
- E-Mini futures for the S&P 500 rose 0.8% and FTSE futures 0.5%.
- The S&P 500 (SPX) rose 0.38% and the Nasdaq Composite added 0.73%.
- The Dow Jones Industrial Average (DJI) eased 0.04%.
- The dollar crept up 0.2% on the yen to 108.15 and gained 0.4% on the franc to 0.9801.
- The euro traded at $1.1355.
- The dollar added 0.2% on a basket of currencies to 96.355,
In commodity markets, trade worries continued to weigh on oil.
- Oil prices sprang higher on news OPEC and its allies look set to extend supply cuts at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia in endorsing the policy.
- Brent crude futures rose $1.27 to $66.01, while U.S. crude gained $1.19 to $59.66 a barrel.
- Treasury futures slid 10 ticks as yields on 10-year notes edged up 3 basis points to 2.03%.