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Asian shares gain on U.S.-Mexico trade optimism

Asian shares advanced again on Tuesday while major currencies held on to gains as the U.S. and Mexico made a deal to overhaul the North American Free Trade Agreement.
Oil prices were buoyant, with Brent up 25 cents to 76.46 dollars a barrel and U.S. crude rising 19 cents to 69.07 dollars.
Investors expect Canada too would agree to the new terms to preserve a three-nation pact, ultimately dispelling the economic uncertainty caused by U.S. President Donald Trump’s repeated threats to ditch the 1994 NAFTA accord.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.3 per cent for a second straight day of gains. Australian shares added 0.5 per cent while Japan’s Nikkei jumped 0.8 per cent.
New York’s S&P 500 and Nasdaq indexes hit record highs and bond yields rose, while prices for copper, considered a barometer of global growth, climbed.
Read Also: Asian LNG prices hit highest in over two months on tight supply
Investors will keep an eye on U.S. economic data with consumer confidence figures due later in the day and the latest estimate for second-quarter gross domestic product expected on Wednesday.
“The NAFTA agreement is clearly a positive to the extent that it reduces the risk of a generalized global trade war,” JPMorgan analysts said in a note.
The dollar index paused near one-month lows against major currencies to be last at 94.762.
Against the yen, the greenback held at 111.20.
The euro held near a one-month top at 1.1680 dollars.
The Australian dollar, which is often used as a liquid hedge for global growth, hovered around 0.7345 dollars to stay well above a trough of $0.7248.
The Chinese yuan held near a four-week high to the dollar, a day after the country’s central bank took steps to support the currency.
Commodity markets showed signs of optimism in global economic growth prospects. Copper, a favoured indicator of industrial momentum, held near a two-week high of 6,112.00 dollars a tonne.
Gold too was firm too with spot prices at 1211.36 dollars an ounce.
The post Asian shares gain on U.S.-Mexico trade optimism appeared first on The Nation Nigeria.

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