Asia Markets: Asian markets gain on reports of renewed U.S.-China trade talks
By Wed, Jul 24, 2019
Asian markets were mostly higher in early trading Wednesday, after reports that the U.S. and China will soon resume trade negotiations.
A delegation led by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will fly to Shanghai for high-level talks next week, the Wall Street Journal reported Tuesday. White House economic adviser Lawrence Kudlow said China may be prepared to buy more U.S. agricultural products as a “good-will gesture.” Top U.S. and Chinese negotiators have not met in person since talks stalled in early May.
Japan’s Nikkei rose 0.5% NIK, +0.50% while Hong Kong’s Hang Seng Index HSI, +0.85% gained about 0.9%. The Shanghai Composite SHCOMP, +0.99% advanced 1.1% and the smaller-cap Shenzhen Composite 399106, +1.37% was up 1.4%. South Korea’s Kospi 180721, -0.20% slipped 0.2%, while benchmark indexes in Taiwan Y9999, +0.01% , Singapore STI, +0.21% and Indonesia JAKIDX, -0.21% were mixed. Australia’s S&P/ASX 200 XJO, +0.81% rose 0.8%.
Among individual stocks, Screen Holdings 7735, +3.86% and Sony 6758, +1.66% rose in Tokyo trading. SoftBank 9984, +1.67% also gained after a report that Dish Network DISH, +3.37% has agreed to a $5 billion wireless-asset purchase, clearing the way for the mega-merger between T-Mobile TMUS, +0.62% and Sprint S, +1.29% , which is majority owned by SoftBank. In Hong Kong, Geely Automobile 175, +3.97% gained, as did Apple AAPL, +0.78% component suppliers Sunny Optical 2382, +4.65% and AAC 2018, +1.68% . Apple supplier LG Display 034220, -2.05% fell in South Korea after announcing a wider-than-expected quarterly operating loss. Westpac WBC, +1.59% and National Australia Bank NAB, +1.29% rose in Australia
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