Asian shares climb to three-month high, currencies mark time

Asian shares rose to a three-month high on Monday, as risk assets got a fillip f...

The gains came after a positive session in U.S. and European markets on Friday.

U.S. and Chinese officials are “close to finalising” some parts of a trade agreement after high-level telephone discussions on Friday, the U.S. Trade Representative’s office and China’s Commerce Ministry said, with talks to continue. U.S. President Donald Trump has said he hopes to sign the deal with China’s President Xi Jinping next month at a summit in Chile.

The protracted trade war between the world’s largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms. “Up until now, uncertainties from the U.S.-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment,” said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo.to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&P 500's total return index .SPXT posted an all-time high.

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