Asian shares rose on Friday as China struck a hopeful tone on trade with the Uni...
SYDNEY - Asian shares rose on Friday as China struck a hopeful tone on trade with the United States but continued fears about a global growth slowdown, or even a recession, capped sharp rallies.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6% but stayed near a recent 7-1/2 month trough. For the week, it is still set for a small weekly loss. The comments spurred hopes for progress in the talks and boosted the Chinese yuan, which snapped a 10-day losing streak.“It’s really hard to say the U.S.-China trade backdrop changed dramatically in the last 12 hours – the Sept 1 tariffs are still going into effect and there are further hikes on the calendar,” JPMorgan analysts wrote to clients in a note.
“In reality, the headlines are extremely innocuous and don’t differ from what China has said in the past but they crossed during a dead zone of liquidity and attendance and as a result are having an outsized influence on trading,” JPMorgan said. “As such, we are in for a long stretch of slow growth and increasingly challenging policy environment, as some central bankers have warned.”
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