Asian Stocks Advance as U.S. and China Put Trade War `on Hold'
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."
Summary
- 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%
- This Hong Kong Stock May Fall Further After an 89% Slump
- China Coal Miners Drop as Government Aims to Curb Price Surge
- Taiex +1.2%
- Kospi index +0.2%, Kospi 200 index +0.3%
- South Korea Approves $3.5 Billion Extra Budget to Create Jobs
- S&P/ASX 200 -0.0%, New Zealand’s S&P/NZX 50 -0.5%
- This Is What You Need to Know About Australian Stocks on Monday
- India’s S&P BSE Sensex Index -0.4%
- Largest Indian Cement Maker Climbs After $1.3 Billion Purchase
- India Mid-Caps Slide to Fulfill Old ‘Sell in May’ Cliche: Chart
- 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%
- Foreigners Pull Most Cash From Malaysian Stocks Since 2013
- Beyond the Dollar Everything’s ‘Just Noise’ for Emerging Markets
To contact the reporter on this story: Choong En Han in Kuala Lumpur at echoong6@bloomberg.net
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Kurt Schussler, Teo Chian Wei
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