Asian stocks climb but dearth of trade details caps gains

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Asian shares gained on Tuesday, but a lack of detail about the Sino-U.S. trade deal tempered some of the exuberance that sent Wall Street to ...

SYDNEY: Asian shares gained on Tuesday, but a lack of detail about the Sino-U.S. trade deal tempered some of the exuberance that sent Wall Street to record highs overnight, while familiar fears of a hard Brexit knocked the pound.

"Everyone expected the U.S. was never going to put the new tariffs on, it was hurting them as much as anyone else," said Mathan Somasundaram, portfolio strategist at stockbroker Blue Ocean Equities in Sydney."But markets are fairly stretched, we need to have better data to drive growth optimism." The Dow Jones Industrial Average rose 0.4per cent, the S&P 500 added 0.7per cent and the Nasdaq almost one percentage point. For the year to date, the Nasdaq has increased its value by a third, while the other indices are up by more than 20per cent.

"Well, yeah, they've agreed a phase one deal, but what's actually in it?" said Westpac analyst Imre Speizer.

 

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