Asian Stocks Advance as U.S. and China Put Trade War `on Hold'
(Bloomberg) -- Asian stocks outside Japan climbed, tracking gains in U.S. equity futures, after American and Chinese officials signaled a de-escalation of recent trade tension.
The MSCI Asia Pacific Index ex-Japan rose 0.1 percent to 567.63 as of 3:13 p.m. in Hong Kong, in a broad regional rally. Japan’s Topix index failed to hold on to early gains and fell 0.1 percent at the close. Meanwhile, the Nikkei 225 Stock Average rose for a third day.
Futures contracts on the S&P 500 Index climbed 0.5 percent after U.S. Treasury Secretary Steven Mnuchin said the U.S. was “putting the trade war on hold” following bilateral talks in Washington. Beijing promised to “significantly” increase purchases of U.S. goods and services, although no dollar figure was specified.
Although some of the more fundamental differences are "largely left unaddressed, trade tensions are buried for now,” Klaus Baader, global chief economist at Societe Generale SA, wrote in a report. "Good news for all."
- Topix index -0.1%, Nikkei 225 +0.3%
- Hang Seng Index +0.7%, Hang Seng China Enterprises Index +0.1%, Shanghai Composite Index +0.6%
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- Taiex +1.2%
- Kospi index +0.2%, Kospi 200 index +0.3%
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- S&P/ASX 200 -0.0%, New Zealand’s S&P/NZX 50 -0.5%
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- India’s S&P BSE Sensex Index -0.4%
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- Straits Times Index +0.6%, Malaysia’s KLCI +0.2%, Philippines Stock Exchange PSEi Index -0.2%, Jakarta Composite -0.6%, Thailand’s SET Index +0.6%, Vietnam’s VN Index -1.7%
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