Asian shares shook off a quiet start to reach new 19-month highs on Monday ahead...
SYDNEY/SHANGHAI - Asian shares shook off a quiet start to reach new 19-month highs on Monday ahead of the expected signing of a Phase 1 China-U.S. trade deal, although markets have yet to see the details of the agreement.
On Monday afternoon in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.61% higher, touching its highest point since June 2018. Investors in China are looking ahead to trade and economic growth data due this week, which is expected to shed more light on some early signs of economic improvement after the country logged its slowest pace of growth in nearly three decades in the third quarter.
“However, the 86-page Phase 1 agreement has not yet been made public. There are doubts how comprehensive the deal is, and whether the Phase 1 agreement will be implemented in full by both governments.” Xie said China’s fourth-quarter and 2019 full-year GDP figures, due on Friday, are also likely to draw scrutiny as investors look for signs that improvements seen in recent manufacturing surveys are reflected in broader growth and investment figures.Wall Street slipped and bonds rallied on Friday when data showed U.S. nonfarm payrolls missed forecasts with a rise of 145,000, while wages and hours worked were soft.
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