Asian shares scale 7-month highs; oil nears $70 on tight supply GlobeInvestor
A currency trader watches the computer monitors as he talks on the phone at the foreign exchange dealing room in Seoul, South Korea, Monday, March 18, 2019. Asian shares rose to seven-month highs on Wednesday as investors lapped up signs of progress in U.S.-China trade talks and brisk economic data, while oil approached the key $70 per barrel mark.
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 per cent to 26,179.13 points, the S&P 500 was flat and the Nasdaq Composite added 0.25 per cent to 7,848.69.“After such a strong rise it is no surprise that the risk rally stalled a little,” said Greg McKenna, strategist at McKenna Macro, in a morning note to clients.
Oil prices also stood near multi-month highs amid concerns about supply, with Brent crude rising as much as 0.72 per cent to $69.87 per barrel, its highest since November and near the psychologically important level of $70 per barrel.
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