Asian shares rise on US-China trade hopes

Published: April 15, 2019 11:36:51 | Updated: April 18, 2019 11:11:47

File photo (Collected)

Asian shares advanced Monday on signs that the US and China were closing in on a trade deal after months of negotiations.

The Shanghai Composite index gained 1.7 per cent to 3,243.91. Japan's Nikkei 225 index jumped 1.5 per cent to 22,190.71 and the Kospi in South Korea added 0.7 per cent to 2,249.43.

Hong Kong's Hang Seng picked up 1.1 per cent to 30,245.00, while Australia's S&P ASX 200 lost 0.1 per cent to 6,244.90. Stocks rose in Taiwan, Singapore and Indonesia but fell in the Philippines.

On Wall Street, strong gains by banks on Friday led the broad S&P 500 index to its third straight weekly gain. It finished 0.7 per cent higher at 2,907.41.

The Dow Jones Industrial Average rebounded 1.0 per cent to 26,412.30 and the Nasdaq composite advanced 0.5 per cent, to 7,984.16.

The Russell 2000 index of smaller-company stocks was up 0.4 per cent at 1,584.80,reports AP.

Benchmark US crude shed 24 cents to $63.65 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 31 cents to close at $63.89 on Friday.

Brent crude, used to price international oils, lost 12 cents to $71.43 per barrel in London. It added 72 cents in the previous session to $71.55.

The dollar weakened to 111.99 yen from 112.01 yen late Friday. The euro rose to $1.1315 from $1.1300.

Share if you like