SHANGHAI – Asian shares ticked higher on Monday as investors cheered the announced trade agreement between Beijing and Washington over the weekend, although cheerfulness was capped by prevailing skepticism about the deal.
United States Trade representative Robert Lighthizer on Sunday said a deal was “totally done,” notwithstanding some needed revisions, and would nearly double exports of the United States to China over the next two years.
That helped push the MSCI’s broadest index of Asia-Pacific shares outside Japan, which had touched its highest level since Apr. 24 on Friday, up 0.21 percent.
Australian shares jumped, adding 1.23 percent. But Japan’s Nikkei 225 pulled back 0.21 percent after a strong rally on Friday that pushed the index to a 14-month high.
The small drop in Japanese shares also reflected continued investor hesitation over the specifics of the trade deal.
“The announcement is a step in the right direction for the two nations, but does not completely reduce the chances of trade disputes in the year,” ANZ analysts said in a morning note. (Reuters)
