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Asian stocks were generally higher on Friday after a report suggested the leaders of China and the United States could endorse a trade deal in weeks.
According to Bloomberg, US officials are preparing a final trade deal ahead of the summit between President Donald Trump and Chinese leader Xi Jinping, which could take place in mid-March. He quoted anonymous sources close to the subject.
The Japanese Nikkei 225 index
NIK + 1.02%
1.1% and Hong Kong's Hang Seng
HSI, + 0.53%
added 0.4%. The Shanghai Composite Index
SHCOMP, + 1.68%
Australia, the S & P ASX / 200 index.
XJO, + 0.38%
gained 0.6%.
Shares rose in Singapore
IST + 0.26%
and Indonesia
JAKIDX, -1.26%
but fell in Malaysia
FBMKLCI, -0.54%
. South Korean markets were closed for holidays.
Among the individual shares, TDK
6762, + 4.25%
and SoftBank Group
9984, + 1.41%
increased in Tokyo trade. Life insurance in China
2628 + 5.56%
and CNOOC oil producer
0883, + 1.18%
were among the winners in Hong Kong, while AAFC
2018 + 0.64%
and sino biopharmaceutical
2922, -0.29%
fell. Rio Tinto
RIO -1.29%
and looking for oil
OSH, -1.91%
slipped to Australia.
Traders hope the price battle fought by the world's two largest economies will soon be canceled if an agreement is reached.
Trump and Xi agreed on a 90-day tariff ceasefire in December after raising import taxes on billions of dollars worth of goods. The United States was about to hit China with a new wave of tariffs at the end of the deal on Saturday.
While progress on issues such as Washington's discontent over Beijing's technology policy has been slow, Trump said he would push tariffs back to give more time to countries. He did not say for how long.
Purchases in Asia were supported by an announcement from MSCI, a leading index and analytics provider. MSCI said it would quadruple the weight of Chinese A shares in its global indices from here to November. It will also add more Chinese equities to its Emerging Markets Index, which will boost the country's inflow of foreign capital.
A private survey also added to China's hopes of growth. The Caixin Purchasing Managers Index, a measure of industry growth, jumped to 49.9 in February from 48.3 the previous month. The index is on a scale of 100 points, 50 separating the contraction of growth.
This comes after the Chinese manufacturing PMI fell 0.3 points to 49.2 in February, its lowest level in three years.
On Wall Street, stocks slid on Thursday following a slowdown in the US economy late last year, although the performance was higher than analysts' expectations. The country's gross domestic product grew at an annual rate of 2.6% between October and December, compared to 3.4% in the third quarter. The S & P 500 index
SPX, -0.28%
lost 0.3% to 2,784.49 and the Dow Jones Industrial Average
DJIA, -0.27%
decreased by 0.3% to 25,916.00. The Nasdaq composite
COMP -0.29%
paid 0.3% to 7,532.53.
American brut
CLJ9, + 1.00%
added 23 cents to 57.45 dollars a barrel in electronic trading on the New York Mercantile Exchange. He finished 28 cents higher at $ 57.22 a barrel overnight. Raw Brent
LCOJ9, -0.56%
, used for the price of international oils, gained 31 cents to 66.62 dollars a barrel. The contract sold 27 cents to 66.31 dollars in London.
The dollar
USDJPY, + 0.37%
strengthened to 111.71 yen from 111.39 yen on Thursday.
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