Stocks rally as US, China inch closer to trade deal

SYDNEY: Asian shares started the week on the front foot on signs the United States and China were close to striking a tariff deal to end their protracted trade war while the dollar eased as traders wagered Federal Reserve policy would remain accommodative.

In Asia, Chinese shares were the biggest gainers, with the blue-chip index up as much as 3 percent. Australian shares rose 0.4 percent and Hong Kong's Hang Seng index added 0.7 percent. "These policies will be influential to maintain the upbeat onshore sentiment that has driven a strong rebound in the A-share market," Tai said.China's CSI300 index rallied last week after index provider MSCI quadrupled its weighting for mainland shares in its global benchmarks.

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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