Stocks cheered by trade deal hopes but caution prevails

SHANGHAI: Asian stocks jumped on Friday, lifted by White House comments that suggested the possibility of an imminent trade deal between Washington and Beijing, which revived hopes that their tariff war may be nearing an end.

That helped to lift MSCI's broadest index of Asia-Pacific shares outside Japan up 0.57per cent. Japan's Nikkei added 0.7per cent and Australian shares gained 0.87per cent.Chinese blue-chip shares, in contrast, struggled to hold gains after rising as much as 0.23per cent earlier in the day. The CSI300 index was last down 0.45per cent.

The safe-haven yen weakened, with the dollar rising 0.17per cent to buy 108.57 yen. The euro was barely changed at US$1.1023 and the dollar index, which tracks the greenback against a basket of six major rivals was off just 0.02per cent at 98.143. Global sentiment has been buffeted in recent weeks by conflicting assessments of progress in talks between the United States and China aimed at ending their 16-month-long trade war.

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