Asian shares made guarded gains on Monday as investors dared to hope for some pr...
SYDNEY - Asian shares made guarded gains on Monday as investors dared to hope for some progress in the endless Sino-U.S. trade dispute, while the outperformance of recent U.S. economic data gave the dollar a leg up on its peers.
On Saturday, U.S. national security adviser Robert O’Brien said an initial trade agreement with China is still possible by the end of the year, though he warned Washington would not turn a blind eye to what happens in Hong Kong. “Markets are showing some signs of tiring of the steady drip feed of upbeat comments from U.S. officials and no signs of a final agreement looking likely,” said Robert Rennie, head of financial market strategy at Westpac.
Reuters reported an ambitious “phase two” trade deal was also looking less likely, according to U.S. and Beijing officials, lawmakers and trade experts.In currency markets, the dollar had rallied on Friday when U.S. manufacturing surveys beat forecasts, just as European Union numbers disappointed. European Central Bank President Christine Lagarde on Friday called on euro zone governments to strengthen domestic demand after a global trade war brought a decade of export-driven growth to an abrupt end.
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