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Asian Stocks Rise As Investors Eye On U.S.-China Trade Progress

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.

 

 

 

 

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