Asian markets rose in early trading Wednesday after a report that trade negotiations between the U.S. and China had resolved nearly all major issues.
“Ninety percent of the deal is done, but the last 10% is the hardest part,” U.S. Chamber of Commerce executive Myron Brilliant said, according to the Financial Times. The report added that if a deal is not reached this week, talks may be extended to as late as June. China’s Vice Premier Liu He, the top trade adviser to President Xi Jinping, arrived in Washington on Tuesday for a continuation of high-level talks held last week in Beijing.
Read: Asian economic growth hurt by U.S.-China trade tensions, report finds
Japan’s Nikkei
rose 0.7%, and Hong Kong’s Hang Seng index
gained 0.8%. The Shanghai Composite
advanced 0.1%, while the smaller-cap Shenzhen Composite
declined slightly. South Korea’s Kospi
rose 0.4%, and benchmark indexes in Taiwan
and Singapore
gained as well. Australia’s S&P/ASX 200
climbed 0.6%
Among individual stocks, Uniqlo parent Fast Retailing
surged in Tokyo trading, and Nintendo
and Rakuten
advanced as well. In Hong Kong, Tencent
rose to its highest intraday price since last August, as Chinese regulators approved a batch of foreign videogame titles. Galaxy Entertainment
and AIA Group
also posted gains. LG Electronics
and Samsung
rose in Korea, and Rio Tinto
gained in Australia, while Beach Energy
slipped.
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