BANGKOK – Asian shares rallied and U.S. futures jumped Monday, with Japan’s benchmark Nikkei 225 topping 50,000 for the first time.

Work on trade deals that might alleviate friction between the U.S., China and other major trading partners contributed to upbeat sentiment as U.S. President Donald Trump visited Malaysia for a summit of Southeast Asian nations where he reached preliminary trade agreements with Malaysia, Thailand, Cambodia and Vietnam.

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A trade deal between the United States and China was drawing closer, officials from the world’s two largest economies said Sunday as they reached an initial consensus for Trump and Chinese leader Xi Jinping to try to finalize during a high-stakes meeting later in the week.

“This isn’t just photo-op diplomacy.

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