Asian shares neared nine-month highs on Monday after U.S. Treasury Secretary Ste...
SYDNEY - Asian shares neared nine-month highs on Monday after U.S. Treasury Secretary Steven Mnuchin said he hoped U.S.-China trade talks were approaching a final lap, while strong Chinese export and bank loan data boosted confidence in the global economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6 percent to its highest since late July. Chinese shares led the growth with the blue-chip CSI300 index rising 2.2 percent. The rally follows on from strong finish on Wall Street on Friday as investors cheered Chinese data showing exports rebounded in March to a five-month high while new bank loans jumped by far more than expected.“We expect a relatively market-friendly U.S.-China deal,” Bank of America Merrill Lynch global economist Ethan Harris said in a note. “In our view, market and political concerns will constrain future fights. Think ‘skirmishes’ rather than ‘major battles.
Investors have been fretting about a global growth slowdown this year as trade disputes and tighter financial conditions hit demand. Worryingly, the International Monetary Fund cut its outlook for the world economy for the third time in six months. All eyes are also on corporate earnings from major U.S. companies after quarterly results from JPMorgan handily beat analyst estimates last week.
The Australian dollar, which is often used as a proxy for China plays, hovered near a seven-week top at $0.7173.
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