December 2, 2019 / 10:47 AM / 6 days ago

Asian shares eke out third straight monthly gain in November

Dec 2 (Reuters) - Asian shares eked out gains in November as hopes of a global economic recovery outweighed a cautious tone surrounding uncertainties about the U.S.-China interim trade deal.

The MSCI’s broadest index of Asia-Pacific shares gained 0.4% in November, its third successive monthly rise.

The U.S.-China trade deal that Washington and Beijing hoped of signing by the mid of last month, was saddled by a lack of agreement on tariffs’ rollback and on a new U.S. law that backed Hong Kong protesters.

Last month, regional gains were lead by New Zealand shares , which surged 4.9%, on improving outlook for local businesses.

“The significant easing in both interest rates and the exchange rate is clearly working its way through the economy, and the remarkable resilience of New Zealand’s commodity prices is providing an invaluable buffer to the world’s woes,” ANZ Bank said in a report last month.

Australia and Japan stocks also topped regional shares last month with 2.6% and 1.6% in monthly gains.

Economic data from the United States and Asian markets released during November, showed signs of recovery in global economic growth and supported regional shares last month.

The U.S. economy grew at a 2.1% annualised rate in the third quarter, up from 2.0% growth in the second quarter. China’s factory activity for November also showed an expansion with a PMI reading of 51.8, the quickest pace since December 2016.

September losses were lead by Indonesia and Philippines shares, both losing about 3% or more.

Reporting by Gaurav Dogra and Patturaja Murugaboopathy Bengaluru; Editing by Shounak Dasgupta

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