Economic news

Asian stocks appear poised for relief rally

Asian shares soared on Wednesday on positive prospects for the outcome of U.S.-China trade negotiations.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares jumped 1.2 percent.

Japan’s Nikkei led the gains with a rise of 2 percent, while Shanghai blue chips crept up just 0.2 percent. Hong Kong's Hang Seng Index rose 1.4 percent. Australian stocks climbed 0.8 percent.

Crude prices recovered after industry numbers showed an unexpected huge draw on stockpiles and amid expectations a recent OPEC-led supply cut could underpin prices next year.

Brent futures gained 65 cents to $60.85, while U.S. WTI futures added 60 cents to $52.25 per barrel.

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