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Home / Business / Asian stocks climb to 14-week high on hopes that U.S., China comes close to trading by Reuters

Asian stocks climb to 14-week high on hopes that U.S., China comes close to trading by Reuters




By Andrew Galbraith

SHANGHAI (Reuters) – Asian stocks rose sharply on Monday, with a broad regional target that hit more than 14 weeks as rising optimism over US-China trade talks and positive US job data lifted global investors

MSCI's broadest equity index in Asia and the Pacific off Japan () jumped 1.08%, touching the highest level since July 24, heading for the biggest one-day gain since October 11. [19659002] Europe's stock markets were set to follow Asia higher, with pan-region Euro Stoxx 50 futures () up 0.53%, German DAX futures () 0.49% higher and futures () rising 0.41

% early trade.

In Asia, Hong Kong's Hang Seng () rose 1.36% and Seoul's Kospi () added 1.43%. In mainland China, blue chips () increased by 0.72% and Australian equities () were 0.27% higher.

Japan's markets were closed for a holiday.

The United States and China both said on Friday that they had made progress in talks aimed at ending their protracted trade war, and US officials said a deal could be signed this month.

But in a note to clients, analysts at the National Australia Bank heard a warning.

"As the US-China trade updates continue to point to a Phase 1 agreement that looks like a security, the contentious questions over whether the United States will cancel the planned December tariffs and remove some of the current tariffs are in line with China's demands still an unknown and if the problem is not resolved, a deal can easily collapse, "they said.

In comments Friday, White House economic adviser Larry Kudlow said the tariffs would start Dec. 15, which would cover Chinese imports such as laptops, toys and electronics, would mainly be on the table, and the decision on to cancel them would be taken by US President Donald Trump.

Any lingering uncertainty about the prospects for trade talks was not enough to prevent the S&P 500 () from gaining 0.97% and the Nasdaq rising 1.13% to a new record close on Friday.

Dow Jones Industrial Average () rose 1.11%.

On Monday, the US S&P 500 e-mini stock futures () rose 0.2% to 3,067.8. [19659002] US labor growth slowed down less than expected in October, and employment in the previous two months was stronger than previously thought, data from the labor department shows on Friday.

These figures followed a private survey of manufacturers in China that showed better-than-expected factory activity in October.

Rob Carnell, chief economist at Asia-Pacific at ING Singapore, said that market optimism was "probably fair" in the wake of the positive data.

"Everyone was looking for a much worse number, and it did not materialize, so some bounces from it were completely plausible and sensible."

But he added that continued uncertainty around trade talks and less room for monetary relief by global central banks created a hazy outlook. [19659002] "It's hard to see why you shouldn't think in the least, it's a & # 39; good profit opportunity right now & # 39; positioning for a slightly worse outcome," he said.

While Cash Boxes Did Not Trade For the Japanese market holidays, US 10-year futures contracts () were down 0.11% amid the general sentiment of the market.

The implied return on the 10-year futures contract that expired in December was 1.65%.

Oil prices, which had risen in the hope of a US-China trade agreement, resigned on Monday. Global benchmark Brent Crude Oil () was down 0.57% at $ 61.34 per barrel, and US West Texas Intermediate Crude Oil () was 0.55% lower at $ 55.89.

In the foreign exchange market, the dollar was up 0.06% against the yen at 108.23, and the euro was up 0.02% to buy $ 1.1167.

(), which tracks the greenback against a basket of six major rivals, was down 0.02% at 97,222.

The small moves contrast a 1.42% jump in the South African rand to the dollar. The currency strengthened with relief that Moody's maintained South Africa's investment rating on Friday, though the agency cut the outlook to "negative".

China's yuan also strengthened, with the positive market tone around trade talks helping it rise to a 2-1 / 2 month high against the dollar. It was last up 0.15% at 7.0267 per dollar.

Gold was slightly lower as investors moved into riskier assets. traded at $ 1,511.52 per ounce, down 0.13%.

Graphics: China's Yuan Forces, https://fingfx.thomsonreuters.com/gfx/mkt/12/8162/8093/yuanstronger.png Chapter19659029vard! Function (f, b, e, v, n, t, r)
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