Asian stocks rise on US-China trade deal hopes

Monday, 04. November 2019 07:27

Asian markets traded with gains on Monday on hopes the United States and China will soon sign a phase one trade deal. China's Commerce Ministry confirmed on Friday that the two sides reached an agreement "in principle" during last week's phone talks, while US President Donald Trump said the deal will be signed "somewhere in the US." Furthermore, US Commerce Secretary Wilbur Ross noted Washington will grant licenses for US companies to do business with Huawei "very shortly."

Hong Kong's Hang Seng jumped 1.35% at 7:23 am CET. In mainland China, the Shanghai Composite climbed 0.67% at 7:22 am CET and the Shenzhen Composite rose 0.68% at 7:09 am CET.

In South Korea, the Kospi rallied 1.34% at 7:24 am CET. Meanwhile, Australia's S&P/ASX 200 closed 0.27% higher.

Japanese markets were closed for a holiday. The dollar added 0.07% against the yen to sell for 108.2685 at 7:25 am CET.

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Breaking the News / NP