Asian shares started the week on the front foot on signs the United States and C...
SYDNEY - Asian shares started the week on the front foot on signs the United States and China were close to striking a tariff deal to end their protracted trade war while the dollar eased as traders wagered Federal Reserve policy would remain accommodative.
That followed comments from Trump last week that he had asked China to immediately remove all tariffs on U.S. agricultural products because trade talks were progressing well. He also delayed previously scheduled plans to impose 25 percent tariffs on Chinese goods. That left MSCI’s broadest index of Asia-Pacific shares outside Japan with gains of 0.3 percent. The index has risen almost 10 percent so far this year.“Following a robust recovery for risk assets since the start of the year, a number of events in March are going to set the tone for global investors on whether this rebound is sustainable,” said Tai Hui, Asia Pacific Chief Market Strategist at JPMorgan Asset Management.
China’s CSI300 index rallied last week after index provider MSCI quadrupled its weighting for mainland shares in its global benchmarks.March is expected to be a crucial month for global markets with UK parliament voting on Britain’s exit from the European Union while the Fed holds its policy meeting, which could yield clues on plans for future rate hikes and balance sheet reduction.
In the United States, ISM data showed manufacturing activity for February dropped to its lowest since November 2016, while the University of Michigan survey showed consumer sentiment fell short of expectations in the month.
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