Chinese shares rally on easing trade tensions

Asian stocks rose broadly on Monday as Federal Reserve Chair Jerome Powell's dovish signals at the Jackson Hole symposium opened the door to an interest rate cut next month.

Fed fund futures currently price in an 84 percent chance of a quarter-point rate cut in September, and at least 100 basis points of easing to 3.25-3.5 percent by the middle of next year.

Investors also awaited Nvidia's earnings results due this week that could help justify the sector's stratospheric valuations.

Chinese shares jumped on easing trade tensions and hopes for more policy support. The Shanghai Composite index rallied 1.51 percent to 3,883.56. setting a new decade high.

 

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