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Asian shares firm, oil near two-month high after deeper output cut


Added 12-05-19 08:04:03pm EST - “Asian stocks held firm on Friday as U.S. President Donald Trump's rhetoric kept investors' hopes up on a trade deal with China, while oil sat near two-month highs after producers led by Saudi Arabia and Russia agreed on further…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Asian shares firm, oil near two-month high after deeper output cut”. Below is an excerpt from the article.

TOKYO (Reuters) - Asian stocks held firm on Friday as U.S. President Donald Trump's rhetoric kept investors' hopes up on a trade deal with China, while oil sat near two-month highs after producers led by Saudi Arabia and Russia agreed on further output cuts.

Japan's Nikkei <.N225> rose 0.28% and MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was up 0.19%. Australian shares <.AXJO> rose 0.24%, while South Korea's Kospi <.KS11> rose 0.57%.

Trump said on Thursday that U.S.-China trade talks are "moving right along," striking an upbeat tone despite a lack of agreement over whether existing tariffs should be dropped as part of a deal.

Investors were hoping that the two sides will reach a compromise to at least avoid their worst fears - that the United States will go ahead with its final batch of tariffs on about $156 billion of Chinese exports.

Uncertainties over a deal have pushed some investors to the sidelines in recent sessions, while nervousness ahead of the release of U.S. payrolls data later in the day could also dampen trade on Friday.

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