Asia lifted as Wall Street climbs on trade developments, pound sags

TOKYO - Asian stocks rose on Monday, as signs of progress in U.S.-China trade talks and firmer Wall Street shares supported sentiment, although another defeat for British Prime Minister Theresa May’s proposed Brexit deal added to the pound’s recent woes.

If sustained, the improvement in business conditions could indicate that manufacturing is on a path to recovery, easing fears that China could slip into a sharper economic downturn.Australian stocks climbed 0.85 percent, South Korea’s KOSPI gained 1.1 percent and Japan’s Nikkei advanced 1.6 percent. “The ongoing U.S.-China trade conflict has provided a steady stream of conflicting signals for the markets. But as a whole the negotiations appear to be headed toward a conclusion,” said Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management.

The greenback had benefited from the flagging pound, which was on track to post its fourth day of losses in the wake of the ongoing Brexit saga.

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