Asian markets were largely higher on Monday with signs that the US and China were closing in on a trade deal after months of negotiations.
Shanghai Composite Index
SHCOMP, + 0.55%
received 1.1%. Japanese Nikkei 225 Index
NIK, + 1.37%
jumped 1.5% and Kospi in South Korea
SEU, + 0.54%
Hong Kong's Hang Seng
HSI, + 0.27%
retrieved 1.1% to 30.245.00, while Australias S & P ASX 200
XJO, + 0.00%
lost 0.1%. Stocks rose in Taiwan, Singapore and Indonesia, but fell in the Philippines.
On Saturday, US Finance Minister Steven Mnuchin told reporters that the US and China moved closer to a trade deal.
Speaking on the sidelines of the International Monetary Fund and the World Bank's Spring Meetings, Mnuchin said that the US and China had had phone calls last week, and he was not sure if multiple meetings from meeting to meeting would be necessary. He did not provide a timeframe for when negotiations could be wrapped, but his comments hoped that a major conflict between the world's two largest economies could soon be put to rest.
On Sunday, Reuters reported that the United States was watering down demands for China to cut down on industrial subsidies as a condition of a trade deal, having faced strong Chinese opposition. Treasury Secretary Steve Mnuchin said on Saturday that the United States was open to consequences if it did not meet the terms of the trade agreement, Bloomberg News reported, saying that the talks "come close to the final round of conclusions".  "US and China have been actively hoping that a trade deal is within reach. This, combined with better-than-expected China data in March, led the Shanghai Composite Index to its highest level since March 2018," says DBS Group Research Strategists Philip Wee and Joanne Goh in a comment.
Among some shares, SoftBank Group
9984, + 3.05%
jumped in Tokyo trading, and Nintendo
7974, + 1.87%
and oil producer Inpex
1605, [2.459006] + 2.62%
also achieved. In Hong Kong, real estate companies like China Resources Land
1109, + 0.87%
and Country Garden
2007, + 1.82%
rose. Asiana Airlines
020560, + 30.00%
increased in South Korea after its parent company had agreed to sell a stake in the airline. beach Energy
BPT, + 1.90%
and oil search
OSH, + 1.13%
advanced in Australia.
Last week, China reported that exports in March increased by 14.2% from the previous year. This was a turning point from a 20.8% contraction in February, which signaled stronger global demand. Sales to the US market have also accelerated despite President Donald Trump's tariffs of up to 25% of $ 250 billion of Chinese goods.
On Wall Street, strong gains from banks on Friday led the broad S & P 500 index
SPX, + 0.66%
for its third straight weekly win. It finished 0.7% higher at 2.907.41.
Dow Jones Industrial Average
DJIA, + 1.03%
recovered 1% to 26,412.30 and the Nasdaq composite
COMP, + 0.46% [advanced] 0.5% to 7,984.16.
Benchmark U.S. Pat. crude
throw 33 cents to $ 63.56 per barrel in electronic commerce on the New York Mercantile Exchange. The contract got 31 cents to close at $ 63.89 on Friday. Burned crude oil
used to price international oils, lost 21 cents to $ 71.34 per barrel in London. It added 72 cents in the previous session to $ 71.55.
weakened to 111.94 yen from 112.01 yen late Friday.
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