Stocks jump on signs US, China close to trade deal

SYDNEY: Asian shares gained on Monday on reports the United States and China were close to striking a trade deal after a year-long tariff skirmish while the dollar eased as traders wagered Federal Reserve policy would remain accommodative.

MSCI's broadest index of Asia-Pacific shares outside Japan took the lead and climbed 0.1 percent for their second straight day of gains. Australian shares were up 0.7 percent while Japan's Nikkei strengthened 0.8 percent. Chinese shares rallied too, with the blue-chip index up 1 percent.

China's CSI300 index landed its best week since November 2015 after index provider MSCI quadrupled its weighting for mainland shares in its global benchmarks.March is expected to be a crucial month for global markets with UK parliament voting on Britain's exit from the European Union while the Fed holds its policy meeting, which could yield clues on plans for future rate hikes and balance sheet reduction.

In the United States, ISM data showed manufacturing activity for February dropped to its lowest since November 2016, while the University of Michigan survey showed consumer sentiment fell short of expectations in the month.

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