Asia shares at six-week high on trade progress, ECB easing
CGTN

Asian stocks climbed to their highest in six weeks on Friday, as signs of progress in U.S.-China trade talks and aggressive stimulus from the European Central Bank helped to calm fears of a global economic slowdown.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5 percent to their highest since August 1, while Japan's Nikkei rose more than 1.0 percent to four-month highs. Markets in Chinese mainland and South Korea were closed for public holidays.

Optimism on U.S.-China trade tension

China welcomed the U.S. decision to postpone the additional five percent tariffs on 250 billion U.S. dollars worth of Chinese imports from October 1 to 15, Gao Feng, spokesperson of China's Ministry of Commerce said on Thursday's press conference.

"The Chinese and U.S. sides have maintained effective communication," Gao said. "The working teams dispatched by both sides will meet in the near future to get fully prepared for the 13th round of high-level economic and consultations."

Chinese companies have started to make inquiries with U.S. exporters about purchasing prices for agricultural products including soybeans and pork, Gao said, adding China hopes both sides will meet halfway by taking concrete actions and creating favorable conditions for trade talks.

European Central Bank

On Thursday, the European Central Bank delivered bigger-than-expected stimulus, cutting interest rates by 0.10 percentage point to minus 0.50 percent, promising that rates would stay low for longer and restarting bond purchases of 20 billion euros a month from November.

The resumption of quantitative easing had been seen as a close call and helped to boost risk assets.

(With input from Reuters)