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Asian shares in November post biggest monthly gains in 10 months


(Reuters) - Asian shares posted their biggest monthly gain in 10 months in November on hopes U.S.-trade tensions would ease and on expectations of fewer U.S. rate hikes in the coming quarters.

The MSCI Asia-Pacific index gained 2.74 percent last month, its biggest monthly gain since January.

Share markets in Hong Kong, and led the region with gains of 6.1 percent, 4.7 percent and 3.9 percent, respectively.

Investors were expecting the Trump-Xi meeting in the summit to provide some breakthrough in the trade talks and increased their bets on regional equity markets. In the meeting last week, the two leaders agreed to a 90-day truce on further tariffs in their trade war.

Also, Federal Reserve Jerome Powell's comments that U.S. interest rates were "just below" neutral, bolstered views the central would stop raising rates sooner than previously expected.

However, all Asian stock indexes were still negative for the year, at the end of last month.

New Zealand, India, and Malaysian stocks have the highest price-to-earnings ratio based on 12-month forward earnings in Asia, according to Refinitiv data.

(Reporting by and Patturaja Murugaboopathy; Editing by Jacqueline Wong)

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

First Published: Mon, December 03 2018. 13:55 IST