Asian shares rose to fresh seven-month highs on Wednesday as investors cheered s...
SHANGHAI - Asian shares rose to fresh seven-month highs on Wednesday as investors cheered signs of progress in U.S.-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8 percent on Wednesday afternoon in Asia, after earlier touching its highest level since late August. Hopes for a deal to end the trade war between the world’s two largest economies were fanned by fresh comments from White House economic adviser Larry Kudlow that Washington expects “to make more headway” in talks this week.“I think there’s a tendency for markets at times to just want to be positive unless you hit them repeatedly, and not just with bad news, but with new bad news,” said Rob Carnell, chief economist and head of Asia-Pacific research at ING in Singapore.
On Tuesday, the Dow Jones Industrial Average fell 0.3 percent to 26,179.13 points, the S&P 500 was flat and the Nasdaq Composite added 0.25 percent to 7,848.69. Benchmark 10-year Treasury notes yielded 2.5044 percent, up from a U.S. close of 2.479 percent on Tuesday, and the two-year yield touched 2.3247 percent compared with a U.S. close of 2.308 percent.
News that the United States is considering more sanctions against Iran, the fourth-largest producer in the Organization of the Petroleum Exporting Countries , and the halting of production at a crude terminal in Venezuela threatened to squeeze supply and pushed oil prices up on Tuesday.
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