Asian shares advance on U.S.-China trade progress, ECB easing
TOKYO/HONG KONG - Asian stocks climbed to their highest in six weeks on Friday, as signs of progress in U.S.-China trade talks and aggressive stimulus from the European Central Bank helped to calm fears of a global economic slowdown.
“Risk assets should find further support from accommodative policies, which are set to remain in vogue for some time, and not just in Europe as seen in the global easing trend,” said Esty Dwek, head of global market strategy at Natixis in Geneva, Switzerland. Investors bet optimism will prevail in the near future though most economists in a Reuters poll believed the trade dispute will worsen or at best stay the same over the coming year.
ECB President Mario Draghi stepped up his rhetoric in calling for governments to spend their way out of a slowdown, highlighting the limitations of monetary policy and also fanning expectations of fiscal spending down the road.
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