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Asian stocks rise on China's factory comeback, trade talks progress by Reuters



© Reuters. FILE PHOTO: A videograph film an electronic map showing Japan's Nikkei average and related indexes on the Tokyo Stock Exchange in Tokyo

By Shinichi Saoshiro

TOKYO (Reuters) – Asian shares ran on Monday as positive Chinese factory meters and signs of progress in the trade between Chinese and US trade-backed emotions, although another defeat for British Prime Minister Theresa Mays proposed Brexit agreement added the sterling's honor.

MSCI's widest index for Asia-Pacific stocks outside Japan added 1

percent and total 1.7 percent.

Australian stocks rose 0.8 percent, South Korea's win 1 percent and Japan's advanced more than 2 percent.

The markets took heart after China's official purchasing manager index (PMI) released on Sunday, factory activity unexpectedly showed up to the first time in four months in March.

A private business survey, Caixin / Markit PMI, released Monday, also showed the manufacturing sector in the world's second largest economy returning to growth.

If maintained, the improvement in business relationships may indicate that manufacturing is heading for recovery, easing the fear of China slipping into a sharper economic downturn.

"Our view is that the impact of political easing gradually kicks in, pushes up sequential growth indicators like PMI first," wrote Chinese economists at Bank of America Merrill Lynch (NYSE :).

"In particular, the bigger than expected tax and tax cuts and improved financial conditions have probably helped boost business sentiment in the production area."

Asian stocks also took their sign from Wall Street, with posting their best quarterly gains in a decade on Friday in the midst of trade optimism. ()

The United States and China said they made progress in trade negotiations that ended Friday in Beijing, where Washington said the negotiations were "honest and constructive", as the world's two largest economies are trying to resolve their threatened trade war.

"The ongoing trade dispute between the United States and China has provided a steady stream of conflicting signals to the markets. But overall, the negotiations see a conclusion," said Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management.

"hope that the United States and China will reach an agreement on trade as early as this month allowing stocks to start the first quarter on a positive note."

In the foreign exchange market it is against a basket of six major currencies was slightly changed at 97,260 after going as high as 97,341 on Friday, the strongest since March 11.

The Greenback had benefited from the fluttering pound which was on track to send its fourth day in the wake of the ongoing Brexit saga.

Sterling took its latest knock after British lawmakers rejected Prime Minister May & # 39; s Brexit agreement for the third time on Friday and sounded his probable death knot and left the country's withdrawal from the EU in turmoil.

That pound was down 0.1 percent at $ 1.3022.

The Australian dollar advanced 0.4 percent to $ 0.7124. It is sensitive to shifts in economic prospects for China, its main trading partner.

The euro was a push higher of $ 1,127, while the dollar rose 0.3 percent to 111.17 yen.

Government bonds with collateral withdrawn as risk deviation in the broader markets eased.

The reference goes up to a six-day height of 2,444 percent, pulling away from a 15-month low of 2,340 percent brushed on March 25.

Treasury 10-year dividend had fallen as risk aversion, driven by concerns about a global economic downturn, hit the financial markets at the end of March.

Prices are added to Friday's gains, with US futures in West Texas Intermediate (WTI) of 0.5%. to $ 60.45 per. barrel.

Oil prices posted their biggest quarterly increase in a decade in January-March, when the US sanctioned against Iran and Venezuela as well as OPEC-led cuts overshadowed concerns over a slower global economy. [O/R]


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