Published: Wed, April 11, 2018
Money | By Armando Alvarado

Asian stocks mostly rise as investors weigh trade war fears

Asian stocks mostly rise as investors weigh trade war fears

Wall Street's major indexes rose as a softer stance by USA policymakers on China tariffs powered a rebound from last week's sell-off, but stocks pared much of their gains late in the session after a report the Federal Bureau of Investigation had raided the office of President Donald Trump's lawyer.

April 9 (Reuters) - The Dow Jones Industrial Average and the S&P rose more than 1 percent, while the Nasdaq added 2 percent on Monday as strength in technology shares and a softer stance by US policymakers on China trade tariffs powered a rebound from last week's selloff. That put the market on track to make up nearly all of the ground it lost during a big sell-off on Friday.

US stock futures traded higher in early pre-market trade.

Shares of Leucadia National Corp jumped 12.7 per cent after the company said it would sell most of its non-financial assets to focus on investment banking and advisory services. But industrial and retail companies finished with losses, and smaller companies fared worse than larger ones did.

Marina Severinovsky, an investment strategist at Schroders, said stocks have done well recently when investors have got their minds off the trade disputes because the global economy and the United States economy are still growing.

The energy index .SPNY had the highest percentage gain among the S&P's 11 major sectors, adding 3.3 percent as oil broke above $70 a barrel. The S&P 500 fell 1.4% last week, with large losses on Monday and Friday, and strong gains in between. Eastern time. The Dow gained 495 points, or 2.1 percent, to 24,469. The Nasdaq composite added 114 points, or 1.7 percent, to 7,064. The Russell 2000 index of smaller company stocks added 1.17 points, or 0.1 percent, to 1,514.46.

Traders work on the floor of New York Stock Exchange in New York, the United States, April 9, 2018.

Gene therapy developer AveXis is soaring after drugmaker Novartis agreed to buy it for $8.7 billion.

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AveXis climbed 94.55 dollars (£66.92), or 81.6%, to 210.46 dollars (£148.97) and Novartis added 87 cents (61p), or 1.1%, to 81.07 dollars (£57.38).

Agribusiness company Monsanto jumped $7.29, or 6.2 percent, to $125.15 after The Wall Street Journal reported that the Department of Justice will approve its sale to German conglomerate Bayer. This week will be a big one for Facebook as it tries to get its data privacy scandal under control.

Facebook picked up 73 cents to $157.93.

"First quarter earnings season is nearly here, and the results/guidance should be very good", said Nicholas Colas, co-founder of DataTrek Research, noting Wall Street is expecting first-quarter earnings to grow by 17 percent.

The yield on the 10-year Treasury note rose to 2.80 percent from 2.77 percent late Friday. Boeing gained as much as 2.7 percent before ending the session down 1.1 percent. Brent crude, used to price worldwide oils, added 1.54 dollars (£1.09), or 2.3%, to 68.65 dollars (£48.59) a barrel London.

Merck shares rose 5.2 per cent after the drugmaker's blockbuster cancer drug, Keytruda, met the main study goal of helping previously untreated lung cancer patients live longer.

Century Aluminum jumped $2.40, or 14.3 percent, to $19.19 and Alcoa rose $3.82, or 8 percent, to $51.87. -China trade conflict while the euro rose following comments from European Central Bank President Mario Draghi that were deemed supportive of the common currency.

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