Asian shares rise on trade hopes, weak yen
Asian shares gained on Tuesday as investors hoped a new round of U.S.-China trade talks would help to resolve a dispute that has dented global growth and some corporate earnings.
Market sentiment also got a boost on news U.S. lawmakers had reached a tentative deal on border security funding that could help avert another partial government shutdown due to start on Saturday.
- Britain’s FTSE gaining 0.25 percent.
- Germany’s DAX and France’s CAC each adding 0.5 percent.
- MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.3 percent.
- The Shanghai Composite Index rose 0.35 percent.
- South Korea’s KOSPI climbed 0.6 percent.
- Australian shares were up 0.3 percent.
- Japan’s Nikkei advanced 2.6 percent after a market holiday on Monday
Growing evidence of a loss of momentum in the global economy has also lifted the U.S. currency, most recently led by the European Commission’s downgrade of growth in Europe, making the dollar a better investment option by default.
- The dollar index rose to its highest in almost three months at 97.123.
- The euro dropped to as low as $1.1267.
- The dollar popped up to a six-week high of 110.65 yen.
Oil prices ticked up after falls on Monday.
- U.S. crude futures traded at $52.68 per barrel, up 0.5 percent.
- Brent crude rose 0.6 percent to $61.89 per barrel.