* MSCI Asia ex-Japan +0.21%
* Nikkei pulls back from 14-month highs
* Investors welcome trade deal but cautiously await details
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
By Andrew Galbraith
SHANGHAI, Dec 16 (Reuters) - Asian shares ticked higher on
Monday as investors cheered an announced trade agreement between
Beijing and Washington over the weekend although jubilation was
capped by prevailing scepticism about the deal.
U.S. Trade Representative Robert Lighthizer on Sunday said a
deal was "totally done", notwithstanding some needed revisions,
and would nearly double U.S. exports to China over the next two
years. That helped push the MSCI's broadest index of Asia-Pacific
shares outside Japan .MIAPJ0000PUS , which had touched its
highest level since April 24 on Friday, up 0.21%.
Australian shares .AXJO jumped, adding 1.23%. But Japan's
Nikkei 225 .N225 pulled back 0.21% after a strong rally on
Friday that pushed the index to a 14-month high.
The small drop in Japanese shares also reflected continued
investor trepidation over the specifics of the trade deal.
"The announcement is a step in the right direction for the
two nations, but does not completely reduce the chances of trade
disputes between the two nations in the year," ANZ analysts said
in a morning note.
The "phase one" agreement came ahead of the deadline on
Sunday for a new round of U.S. tariffs on almost $160 billion of
Chinese imports. The 17-month-old trade dispute has roiled
financial markets and taken a toll on world economic growth.
U.S. shares had struck a cautious note on Friday, paring
intial gains to end barely higher as weary investors await signs
of a concrete deal.
However, the news of a deal was still enough to send the S&P
500 .SPX to a record closing high of 3,168.8, up 0.01%. The
Nasdaq Composite .IXIC added 0.2% to end at 8,734.88, also a
record, and the Dow Jones Industrial Average .DJI rose 0.01%
to 28,135.38.
U.S. Treasury yields moved higher on Monday, reflecting the
positive mood. Benchmark 10-year Treasury notes US10YT=RR rose
to 1.8365% compared with its U.S. close of 1.821% on Friday and
the two-year yield US2YT=RR touched 1.616% compared with a
U.S. close of 1.604%.
The dollar rose 0.05% against the yen to 109.403 JPY= and
the euro was slightly higher at $1.1123. Sterling, which jumped
last week after the UK general election produced a strong
Conservative majority, notched up 0.23% to $1.3356.
The dollar index .DXY , which tracks the greenback against
a basket of six major rivals, was down at 97.140.
Oil prices, which had risen on Friday following the deal,
cooled in early Asian trade on Monday. U.S. West Texas
Intermediate crude CLc1 was down 0.38% at $59.84 per barrel.
Spot gold prices fell 0.1% XAU= , with the precious medal
trading hands at $1,473.88 per ounce. GOL/