Asia stocks rise most since January, the pound grows on optimism around Brexit

Asian stocks headed for their biggest increase since January as a rebound in U.S. tech shares spread to the region. The pound jumped on optimism about a revised Brexit plan. Japanese stock gains approached 2 percent, and Shanghai and Hong Kong benchmarks rose more than 1 percent, with Korea and Australia lagging behind. U.S. futures also climbed after the S&P 500 and Nasdaq 100 surged Monday, spurred by tech-merger news and an upgrade to Apple Inc., and by signs of stabilization in American retail sales. Crude oil built on a Monday advance, thanks to Saudi Arabia extending deeper-than-agreed production cuts into a second month. The yen dipped as risk assets were back in favor.

The pound is heading for a second day of gains after U.K. Prime Minister Theresa May and European Commission President Jean-Claude Juncker made “meaningful” adjustments to the Brexit deal that had been opposed by British lawmakers. Parliament is set to vote on the deal Tuesday. On the trade front, investors continue to await news out of U.S.-China trade negotiations after China’s central bank governor said Beijing and Washington are in general agreement on many crucial issues and have held meaningful discussions on foreign exchange.

Japan’s Topix index gained 1.8 percent as of 12:30 p.m. Tokyo.  Australia’s S&P/ASX 200 Index rose 0.4 percent. Korea’s Kospi index added 0.8 percent.  Hong Kong’s Hang Seng Index gained 1.4 percent. The S&P 500 futures rose 0.3 percent after the underlying gauge rose 1.5 percent. The pound rose 0.5 percent to $1.3217.

Asia Stocks Rise Most Since January, Pound Climbs, Bloomberg, Mar 12