Asian stocks rose after U.S. President Donald Trump said he is pursuing a new trade accord with Mexico to replace the North American Free Trade Agreement.
The MSCI Asia Pacific Index rose 0.5 percent to 166.65 as of 10:45 a.m. in Hong Kong, set for its third consecutive session of gains. Eight out of 10 industry sub-groups on the benchmark advanced, led by industrial stocks. Singapore's Straits Times Index added 1 percent to lead regional benchmarks, while Japan's Topix Index increased by 0.7 percent. New Zealand's stock market was halted Tuesday after a system fault at the country's national stock exchange.
Strong trading in U.S. equity markets after a "major breakthrough" between the Trump administration and Mexico is boosting investor sentiment, Margaret Yang, an analyst at CMC Markets Singapore Pte, wrote in a note. "Whether or not this technical rebound can roll out to be a mid-term rally largely depended on the direction of U.S. dollar, and ongoing trade talks between U.S. and its major trade counterparts."
Source : Bloomberg