Asian stocks rise as investors eye on U.S.-China trade progress. Stocks in Asia were mostly up Monday afternoon as investors watch for further U.S.-China trade updates.
Mainland Chinese stocks also surged by the afternoon, with the Shenzhen composite adding 0.708%, the Shanghai composite gaining 0.58%, and the Shenzhen component rising 0.76%.
Hong Kong’s Hang Seng index jumped 1.11% after Chinese tech juggernaut Tencent reported its shares rose 2.06%.
Over in Japan, Nikkei 225 advanced 0.32% and the Topix index also rose. Shares of Z Holdings added more than 1% and Line surged 2%.
The figures came after Softbank Corp announced a plan to merge internet unit Z Holdings with messaging app operator Line Corp.
South Korea’s Kospi dropped 0.34%, while shares of the S&P/ASX 200 in Australia were down 0.61%.
The U.S. dollar index traded at 97.909. The Japanese yen was at 108.81 per dollar after seeing highs below 108.4 last week. The Australian dollar traded at $0.6811 after seeing highs above $0.684 in the previous trading week.
“US‑China trade and technology negotiations will remain front of mind this week. So far, a ‘phase one’ trade deal remains elusive. Despite positive comments from US officials, the US and China appear unable to agree on core components of the deal,” reads a not by strategists at Commonwealth Bank of Australia.
Oil prices jumped in the afternoon of Asian trading hours. The international benchmark Brent crude futures contract were slightly higher at $63.33 per barrel and the U.S. crude futures advanced $57.75 per barrel.
Caroline Kenny is the senior news reporter for News Fior She covers Science. Caroline graduated from the Honors College at the College of Charleston with bachelor’s degrees in communication and political science. She worked for Science Mag. She was a digital producer for Science Mag. She is a native of Long Island, New York.