Ryan Felsman, senior economist at CommSec in Sydney, said that the trade deal and the receding risk of a disorderly Brexit after the UK general election produced a strong Conservative majority provided support for sentiment in Australia.
A broad gauge of Asian share markets hit nearly eight-month highs on Monday after the United States and China agreed a preliminary trade deal, and amid policy-easing hopes in Australia, but profit-taking and caution over the deal’s details capped gains.
U.S. Trade Representative Robert Lighthizer on Sunday said a deal was “totally done”, notwithstanding some needed revisions, and would nearly double U.S. exports to China over the next two years.
Positive sentiment helped push the MSCI’s broadest index of Asia-Pacific shares outside Japan to its highest level since April 18. It was last up 0.35%.
Australia’s S&P/ASX 200 led the way as it jumped 1.74%, while shares in Taiwan added 0.23%.
Ryan Felsman, senior economist at CommSec in Sydney, said that the trade deal and the receding risk of a disorderly Brexit after the UK general election produced a strong Conservative majority provided support for sentiment in Australia.
A lower-than-expected Australian budget surplus due to a sluggish economy has “built expectations by markets for further easing from the Reserve Bank (of Australia),” he said, explaining the strong performance of Aussie shares.
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