In This Article:
* U.S., China seen nearing truce in trade war
* Strong U.S. jobs data underpins optimism on economy
* Yuan at highest since mid-Aug despite PBOC cut
* European shares seen rising 0.2-0.4%
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
By Hideyuki Sano
TOKYO, Nov 5 (Reuters) - Asian shares vaulted to six-month highs on Tuesday, surpassing their July peaks, as hopes that Washington may roll back some of the tariffs it has imposed on imports from China shored up optimism on the global economic outlook.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5% to reach levels last seen in early May, led by gains in Chinese shares.
The CSI300 of mainland Chinese shares jumped 1.3% to move above double-tops marked in the past two months to hit their highest levels since late April, also helped by the People's Bank of China cutting a medium-term lending rate.
Taiwanese shares gained 0.4% to near three-decade highs while Japan's Nikkei rose 1.34% to a one-year peak after a market holiday on Monday
The bright mood in Asia is seen extending into the European morning, with pan-European Euro Stoxx 50 futures up 0.3%, German DAX futures 0.21% higher, and FTSE futures gaining 0.49%.
U.S. S&P500 futures gained 0.2% in Asia after the Financial Times reported that the United States is considering rolling back levies on $112 billion of Chinese imports, which were introduced at a 15% rate on Sept. 1.
China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a "phase one" U.S.-China trade deal, expected to be signed later this month, people familiar with the negotiations said on Monday.
"There may have been some expectations that the U.S. may postpone the remaining tariffs, which are due to kick in on Dec. 15. But if it goes further by rolling back existing tariffs, that would not only benefit the economy but would also make the truce seem more permanent," said Yukino Yamada, senior strategist at Daiwa Securities.
Already on Monday on Wall Street, the S&P 500 gained 0.37% to a record high of 3,078.27 while the Dow Jones and the Nasdaq also clinched all-time highs on hopes of the "phase one" deal on trade.
Beijing and Washington spoke of progress in trade talks on Friday and U.S. Commerce Secretary Wilbur Ross said licenses for U.S. companies to sell components to China's Huawei Technologies Co will come "very shortly."
"Economic uncertainties are receding. That means those who had held off their activities, both in the real economy and financial markets, are getting active," said Masaru Ishibashi, joint general manager of trading at Sumitomo Mitsui Bank.