Upbeat Trump comments on US-China trade talks push Asian markets higher
On Thursday morning, the Hang Seng Index bumped up 0.35% while the Shanghai Composite Index edged up 0.30%. Singapore's Straits Times Index rose by 0.12%.
Most Asian markets were in the green on Thursday morning trading, following upbeat comments from United States (US) president Donald Trump on China trade talks.
At around 9.45am Hong Kong time, the Hang Seng Index treaded higher by 0.35% or 89.78 points, at 26,035.13 while the Shanghai Composite Index rose 0.30% or 8.87 points, at 2,964.30.
The smaller Shenzhen Composite Index meanwhile, eased 1.61% or 26.79 points, at 1,638.77.
Malaysia shares were higher with the FTSE Bursa Malaysia Kuala Lumpur Composite Index up by 0.08% or 1.28 points, at 1,590.86 around that timing, after opening the day’s trading lower earlier at 1,589.50. Singapore shares also advanced with the Straits Times Index up 0.12% or 3.64 points, at 3,129.46.
Tokyo stocks which already started trading earlier, opened higher as well, with the benchmark Nikkei 225 index rising by 0.62% or 137.15 points, at 22,157.30 and the broader Topix index up 0.86% or 13.86 points, at 1,633.94.
The rally follows the overnight climb on Wall Street, after US president Donald Trump revived optimism among investors over a possible trade deal with China. The broader S&P climbed 0.6%, while tech-rich Nasdaq was up 1.1%. The Dow Jones Industrial Average gained 0.6%.
On Wednesday, Trump said a deal with China could come sooner-than-expected. The US president told reporters in New York that China wants to ‘make a deal very badly’. ‘It could happen sooner than you think,’ he said, according to Reuters.
The comments from the US president came after signing a limited trade deal with Japan that will lower agricultural tariffs in Japan, industrial tariffs in the US and set new rules for digital trade between the two countries.
Trade Representative with the US, Robert Lighthizer, said there was communication between China and US and the Chinese representatives will be in Washington for talks early next month.
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