Asian stocks higher on Brexit reprieve but trade concerns limit gains

Asian stocks made modest gains on Friday, tracking improved global sentiment after U.K. lawmakers voted to delay Brexit and as a weaker yen supported Japanese shares, but a fresh flare up in U.S.-China trade concerns is expected to cap gains.Japan’s Nikkei climbed 0.9 per cent and South Korea’s KOSPI rose 0.45 per cent.

“Initial expectations were for the trade talks to wrap up in March. So any delay causes the markets to automatically assume that the negotiations are not going well, and this is a negative factor for equities,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo. British lawmakers voted on Thursday to seek a delay in Britain’s exit from the European Union, setting the stage for Prime Minister May to renew efforts to get her divorce deal approved by parliament next week.The dollar held gains having snapped its four-day losing streak to a group of six major peers.

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