GLOBAL MARKETS-Stocks gain after China cuts trade tariffs, solid U.S. data

* Upbeat U.S. private job, service sector data lift mood * WHO says no break-through reported on coronavirus drugs * China will cut some U.S. import tariffs by half * Mainland China shares up 1% * Asian stock markets: https://tmsnrt.rs/2zpUAr4 By Hideyuki Sano TOKYO, Feb 6 (Reuters) – Asian stocks edged up on Thursday, cheered by record closes in Wall Street benchmarks after encouraging economic data, and after China announced a cut in tariffs on some imported goods from the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.3% while Japan’s Nikkei rose 2.47%. Mainland Chinese shares also reacted positively, with the bluechip CSI300 index up 0.97%. U.S. stock futures rose 0.5% while China’s onshore yuan rose 0.2% to its strongest level since Jan. 23 after the tariff cuts were announced. China said on Thursday it will halve tariffs on some U.S. goods, which could help improve negotiating conditions for a second phase of trade deal after the two countries agreed on a interim deal last month. [nB9N29N010] “Under the phase 1 deal, China has to meet a tough target to increase U.S. import by $100 billion this year, so a measure like this was necessary and expected,” said Tomo-o Kinoshita, global market strategist at Invesco Asset Management. “But at the same time, that they did this now points to their desire to support Chinese companies as the coronavirus epidemic will obviously deal a huge blow to China’s growth,” he added. Mainland shares have also drawn support from Beijing’s efforts to support the market amid heightened anxieties about the coronavirus, including liquidity injections and de facto restrictions on selling. [nB9N2A200C][nL4N2A20FA] “It is difficult for investors to sell Chinese shares now given the authorities’ stance is very clear,” said Naoki Tashiro, president of TS China Research. “Still, until

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