Economic news

Asian shares head for largest weekly rally since April 2016

Asian stocks jumped to three-week peak on Friday as trade tensions eased on prospects of upcoming trade negotiations between China and the U.S.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares leaped 2.7 percent to touch its top since Oct. 10. It is poised for the 6.4 percent weekly rise.

Japan’s Nikkei index gained 2.6 percent as earnings season continues. South Korea’s Kospi soared 3.5 percent, while Hong Kong’s Hang Seng was up 3.6 percent and the Shanghai Composite added 1 percent.

On Wall Street, the Dow Jones Industrial Average and the S&P 500 each climbed 1.06 percent while the Nasdaq Composite surged 1.75 percent overnight.

Crude prices erased earlier declines, with U.S. WTI futures flat at $63.73 per barrel. Brent crude edged up 0.5 percent to $73.24.

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