Asian Shares Mostly Higher On Sino-US Trade Talk Optimism

RTTNews | 2 days ago
Asian Shares Mostly Higher On Sino-US Trade Talk Optimism

(RTTNews) - Asian stocks rose broadly on Monday amid hopes that another round of U.S.-China trade talks that will take place in London later today could help ease trade tensions between the two superpowers.

Beijing confirmed that Vice Premier He Lifeng will attend the talks. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer would likely be present with the U.S. delegation.

The dollar slipped against all major currencies, helping gold prices recover some ground after a two percent loss over the previous two sessions. Oil prices eased as data showed China's crude oil imports declined in May to the lowest daily rate in four months.

Chinese markets eked out modest gains after the release of inflation and trade data. The benchmark Shanghai Composite index rose 0.43 percent to 3,399.77 while Hong Kong's Hang Seng index climbed 1.63 percent to 24,181.43.

China's consumer price inflation dipped 0.1 percent year-on-year in May, while producer deflation deepened to its worst level in almost two years, according to the National Bureau of Statistics.

China's May export growth slowed to a three-month low while imports declined from last year due to weak demand, separate data from the customs office revealed.

Japanese markets rose sharply as the country reported progress in its fifth round of trade talks with the United States and revised data showed the economy contracted slightly less than initially estimated in the first quarter.

The Nikkei average jumped 0.92 percent to 38,088.57 while the broader Topix index settled 0.58 percent higher at 2,785.41. Chip stocks rallied ahead of U.S.-China talks, with Advantest surging nearly 5 percent.

Seoul stocks led regional gains on investor optimism over the new president's push for shareholder-friendly policies.

The Kospi average jumped 1.55 percent to 2,855.77, reaching an 11-month high and extending its winning streak for a fourth consecutive session.

Semiconductor and auto shares led the surge, with Hyundai Motor rallying 4.3 percent and SK Hynix adding 2 percent.

Australian markets were closed for a public holiday. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended down 0.19 percent at 12,539.26, giving up early gains.

U.S. stocks surged on Friday as a better-than-expected monthly jobs report following some recent downbeat data helped ease economic concerns and Tesla recovered part of the losses from a significant drop in the previous session.

Data showed non-farm payroll employment shot up by 139,000 jobs in May after a downwardly revised 147,000 jobs in April. The unemployment rate came in unchanged at 4.2 percent.

The tech-heavy Nasdaq Composite rallied 1.2 percent and the S&P 500 gained 1 percent to reach their best closing levels in over three months while the narrower Dow climbed 1.1 percent.

read more
Continued Consolidation Called For Singapore Shares

Continued Consolidation Called For Singapore Shares

The Singapore stock market has moved lower in two straight sessions, sinking more than 15 points or 0.4 percent along the way. The Straits Times Index now sits just beneath the 3,920-point plateau and it may take further damage on Thursday.
RTTNews | 14 minutes ago
Renewed Selling Pressure Expected For Malaysia Shares

Renewed Selling Pressure Expected For Malaysia Shares

The Malaysia stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day winning streak in which it had gained almost 15 points or 1 percent. The Kuala Lumpur Composite Index now sits just beneath the 1,525-point plateau and it's likely to head south again on Thursday.
RTTNews | 44 minutes ago
Japan Stock Market May Run Out Of Steam On Thursday

Japan Stock Market May Run Out Of Steam On Thursday

The Japan stock market has finished higher in four straight sessions, climbing more than 860 points or 2.5 percent along the way. The Nikkei 225 now sits just above the 38,420-point plateau although it's due for consolidation on Thursday.
RTTNews | 59 minutes ago
South Korea Shares Due For Consolidation

South Korea Shares Due For Consolidation

The South Korea stock market has finished higher in six straight sessions, collecting more than 210 points or 7.7 percent along the way. The KOSPI now rests just above the 2,900-point plateau although investors are likely to lock in gains on Thursday.
RTTNews | 1h 14min ago
New Zealand Card Retail Sales Data Due On Thursday

New Zealand Card Retail Sales Data Due On Thursday

New Zealand will on Thursday release May figures for electronic card retail sales, highlighting a light day for Asia-Pacific economic activity. In April, sales were flat on month and down 0.3 percent on year.
RTTNews | 2h 14min ago
Swiss Market Fails To Hold Early Gains, Settle Modestly Lower

Swiss Market Fails To Hold Early Gains, Settle Modestly Lower

The Switzerland market ended modestly lower on Wednesday despite spending much of the day's trading session in positive territory. Although the market gained some ground in positive territory, reacting to news about U.S. and Chinese officials reaching a framework to implement the Geneva consensus following two days of discussions in London, the mood turned cautious later on in the session.
RTTNews | 6h 8min ago
European Stocks Pare Early Gains, Close Mostly Lower

European Stocks Pare Early Gains, Close Mostly Lower

Despite U.S. and Chinese officials announcing an agreement in principle on a framework to ease trade disputes, European stocks failed to hold early gains and closed mostly lower on Wednesday, with the mood turning cautious as the plan is subject to approval by the presidents of the two nations.
RTTNews | 6h 28min ago