SYDNEY: Asian markets idled near 18-month highs on Monday as volumes weakened ahead of the Christmas holiday break and investors squared off their positions, taking home hefty gains made earlier this month.
Global stocks were"basking in the after-glow of the U.S. China trade deal and continued encouraging signs of stabilization in the global growth slowdown," said David Bassanese, Sydney-based chief economist at Betashares.On Friday, the benchmark S&P 500 extended its run of record highs to seven straight sessions, its longest streak in more than two years. All three major U.S. indexes - the S&P 500, Nasdaq and Dow - notched up gains.
Data on Friday showed U.S. growth nudged up in the third quarter, while there were signs the economy maintained its moderate pace of expansion as the year ended. Consumer spending was stronger than previously reported, and there were upgrades to business spending. Under the deal, the United States would agree to reduce some tariffs in exchange for a big jump in Chinese purchases of American farm products.