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U.S., Asian shares climb amid trade hopes; dollar slips

Reuters  |  NEW YORK 

By Lewis Krauskopf

(Reuters) - Stocks in the and rallied on hopes for improving trade relations between the U.S. and China, while the U.S. dollar weakened for a fourth straight session against a basket of currencies.

U.S. pledged on Sunday to help "get back into business, fast" after a U.S. ban crippled the Chinese company, offering a job-saving concession to ahead of high-stakes trade talks this week.

Growing trade tensions have worried investors, with concerns about a global trade war feeding into increased volatility in the in recent months.

"At least today, investors are looking at that as a sign that meaningful negotiations are going forward between the U.S. and on trade," Bucky Hellwig, senior vice at in Birmingham, Alabama, said of the ZTE announcement.

The rose 141.37 points, or 0.57 percent, to 24,972.54, the gained 10.73 points, or 0.39 percent, to 2,738.45 and the added 42.87 points, or 0.58 percent, to 7,445.76.

Shares of optical components makers and rallied following

In Asia, MSCI's broadest index of shares outside closed 0.62 percent higher, while Japan's Nikkei rose 0.47 percent.

Investors also pointed to improving sentiment about geopolitical tensions involving U.S. said on Sunday that would agree to lift sanctions on if the country agrees to dismantle its nuclear weapons program, a move that would create economic prosperity that "will rival" that of

"It looks like the markets want to move up, and there seems to be a rosier outlook for geopolitics especially North Korea," said Peter Cardillo, at in

The pan-European index lost 0.05 percent, while MSCI's gauge of stocks across the globe gained 0.38 percent, reaching its highest level in about two months.

The dollar fell as investors questioned whether a rally that last week sent the greenback to more than four-month highs had run out of steam.

The dollar index fell 0.15 percent, with the euro up 0.23 percent to $1.1969.

"The momentum behind the dollar move is starting to stall a little bit," said Mark McCormick, North American at in

Yields on key U.S. and European bonds rose after a policymaker said the ECB could give fresh guidance on the timing it its first rate hike as the end of its purchases approaches.

Benchmark 10-year Treasury notes last fell 7/32 in price to yield 2.9951 percent, from 2.971 percent late on Friday, Benchmark German 10-year yields climbed to a 2-1/2-week high.

U.S. crude rose 0.34 percent to $70.94 per barrel and Brent was last at $77.85, up 0.95 percent on the day.

(Additional reporting by in New York, Sruthi Shankar in Bengaluru, Kit Rees in London; Editing by and Nick Zieminski)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 21:06 IST
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