Asian markets were broadly higher on Monday as traders looked forward to the continuation of trade talks between Chinese and American officials in Washington this week.
South Korea’s Kospi
jumped 0.7% and the Shanghai Composite index
rose 1.6%. Hong Kong’s Hang Seng
was 1.7% higher. Australia’s S&P/ASX 200
Japan’s benchmark Nikkei 225
advanced 1.8%. The country said its core machinery orders dropped 0.1% in December from the previous month, beating forecasts of a 1.1% decline. Shares rose in Taiwan
and throughout Southeast Asia.
Among individual stocks, Uniqlo owner Fast Retailing
jumped in Tokyo trading, as did Bridgestone
and Japan Steel
. Oil producers CNOOC
rose in Hong Kong, along with tech companies Sunny Optical
rose in Korea, as did Taiwan Semiconductor
in Taiwan. Oil companies such as Woodside Petroleum
, Beach Energy
jumped in Australia
After the markets closed on Friday, China and the U.S. announced plans to resume trade negotiations in Washington, fueling hopes that both countries were edging toward a deal.
“We feel we have made headway on very, very important and difficult issues,” U.S. Trade Representative Robert Lighthizer said, in a meeting with Chinese President Xi Jinping.
Xi expressed hope for “a mutually beneficial and win-win agreement,” according to the official Xinhua News Agency.
Negotiators had just wrapped up two days of talks in Beijing. Investors were worried about progress on thorny issues like Washington’s unhappiness over Chinese technology and trade policies.
A tariffs truce expires March 2 and will leave the U.S. free to more than double import taxes on $200 billion in Chinese goods. President Donald Trump has said he may hold off on these if the country was close to a deal with China.
Optimism surrounding U.S-China trade talks boosted indexes on Friday. The broad S&P 500 index
rebounded 1.1% to 2,775.60. The Dow Jones Industrial Average
climbed 1.7% to 25,883.25 and the Nasdaq composite
rose 0.6% at 7,472.41. U.S. markets are closed Monday for Presidents Day.
added 28 cents to $55.87 per barrel in electronic trading on the New York Mercantile Exchange. It added $1.18 to settle at $55.59 per barrel in New York on Friday. Brent crude
, used to price international oils, shed 2 cents to $66.23 per barrel. It picked up $1.68 to $66.25 per barrel in London.
strengthened to 110.53 yen from 110.48 yen late Friday.
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