Business
The Asian market last: Asian stocks start the week on a high note
Hong Kong's Hang Seng Index ( HSI ) climbed 1.7%. Japan's Nikkei 225 ( N225 ) rose 0.5%. China's Shanghai Composite Index ( SHCOMP ) added 0.6%.
Korea's Kospi ( KOSPI ) also increased 0.5%. Australia's S & P / ASX 200 rose 0.9%.
Analysts pointed to several trends that are likely to drive optimism, including a statement from People's Bank of China that was intended to support that country's economy. The central bank introduced a plan to reduce borrowing costs for companies.
The move will help establish a more market-driven interest rate system, the central bank said in the statement.
Investors may also be encouraged by the potential for improvement in US-China trade relations. US President Donald Trump said this weekend that Apple CEO Tim Cook made a "good case" about the effects the tariffs had on the tech company's business.
"This is important for markets," IG Group marketing strategist Jingyi Pan wrote in a research note. She pointed out that Apple is a "favorite" of major US tech stocks that will be hit hard by the recent tariffs proposed by Trump for China.
Here are some other big moves at 10:30 Hong Kong time: [19659012]
- Chinese stocks associated with Shenzhen merged in Hong Kong and the mainland. The Chinese government on Sunday announced a plan to transform Shenzhen, as Hong Kong's neighbors, into a global business center.
- Cathay Pacific Group ( CPCAY ) reversed early gains and fell 0.9% in early trading in Hong Kong. The airline announced late Friday that it had accepted the resignation of CEO Rupert Hogg and chief customer and commercial manager Paul Loo.
- Japan's exports fell 1.6% in July from the previous year, which was better than analysts expected. Imports dipped 1.2% in July and also beat expectations.
- Stocks in Asia took positive cues from Wall Street. Dow ( INDU ) rose about 307 points, or 1.3% last Friday. S&P 500 ( SPX ) and Nasdaq ( COMP ) received 1.4% and 1.7 respectively %.
