BREAKING: Emerging Markets-Regional Trade Deal Lifts Asia Shares and Currencies
Nov 16 (Reuters) - South Korea, Taiwan and Singapore led broader Asian stock market gains on Monday as 15 Asia-Pacific economies signed a deal to form the world's largest free trade bloc, bolstering expectations for the pace of future economic growth.
With the mood also brightened by upbeat data from China and Japan, Bangkok, and Shanghai stocks both gained around 1%, with the Thai market hitting a more than three-month high.
Over the weekend, Asia-Pacific economies signed a China-backed Regional Comprehensive Economic Partnership (RCEP), which accounts for 30% of the global economy and excludes the United States.
The group aims to lower tariffs and may aid in the post-pandemic recovery amid fractured relations between the Washington and Beijing. Shares in Seoul and Taipei climbed 2%, while rising over 1% in Singapore.
Currencies of trade-dependent economies such as the Taiwanese dollar and South Korean won marked the biggest gains on the U.S. dollar, while Indonesia's rupiah, a favourite in the region to access the high-yielding local-bond market, rose 0.2%.
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