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Asian markets advanced early Thursday after the announcement of the resumption of trade talks between the United States and China early next month.
Investors have also been encouraged by encouraging global developments, particularly by British lawmakers looking for a less chaotic exit from the European Union and the easing of political tensions in Hong Kong.
The Chinese Ministry of Commerce announced Thursday that the two sides will meet in Washington in early October. The United States and China have not held formal trade talks since July, when meetings in Shanghai ended without any progress.
The agreement was the subject of a phone call from Chinese Deputy Chief Liu He, with US Trade Representative Robert Lighthizer, and Treasury Secretary Steven Mnuchin, according to the report. Ministry release.
The officials will "conduct consultations of conscience" in mid-September to prepare the talks, he added. He gave no details, but indicated that both parties wanted to create "favorable conditions".
US officials told The Wall Street Journal that they were cautiously optimistic, but that they were taking a wait-and-see approach. But investors have applauded this development, which comes after the latest wave of tariff hikes disguised as points of law, which came into effect on 1 September.
US equity futures surged after announcement, with Dow Jones Industrial Average futures
YM00, + 0.72%
, Futures on the S & P 500
ES00, + 0.65%
and Nasdaq Composite futures
NQ00, + 0.91%
all around 1%.
Nikkei from Japan
NIK + 2.12%
2.3%, while the Hong Kong Hang Seng Index
HSI, -0.63%
increased by 0.3%, as local investors wondered whether new government concessions would end months of protests. The Shanghai Composite
SHCOMP, + 0.93%
gained 1.5% and the smallest capitalization Shenzhen Composite
399,106, + 0.93%
advanced by 1.4%. Kospi from South Korea
180721, + 0.82%
rose 1.2%, while benchmarks in Taiwan
Y9999, + 0.93%
, Singapore
IST + 0.29%
and Indonesia
JAKIDX, + 0.52%
all advanced. The S & P / ASX 200 from Australia
XJO, + 0.92%
rose 0.9%.
Among the individual shares, Japan Steel
5631, + 6.67%
climbed to Tokyo, while SoftBank
9984, + 1.96%
, Sony
6758, + 3.89%
and fast retail
9983, + 2.01%
posted strong gains. In Hong Kong, Apple AAC component manufacturers
2018 + 10.03%
and Sunny Optical
2382 + 2.08%
pink, while real estate developers such as New World
17 -3.77%
and real estate link
823 -2.79%
fell. Samsung
005930, + 3.63%
surged in South Korea after announcing the long-delayed launch of its new foldable smartphone, and Taiwan Semiconductor
2330 + 2.14%
advanced to Taiwan. Rio Tinto
RIO + 1.83%
and ANZ Banking
ANZ + 1.13%
won in Australia.
Shares rallied on Wall Street on Wednesday, reversing Tuesday's losses, as disappointing data from the US manufacturing sector and escalating ongoing trade war between the US and China resulted in a sale that ended to a series of victories for the market.
The S & P 500
SPX, + 1.08%
earned 31.51 points, or 1.1%, at 2,937.78. The Dow Jones Industrial Average
DJIA, + 0.91%
increased by 237.45 points, or 0.9%, to 26,355.47. Nasdaq
COMP + 1.30%
, which is heavily weighted by technology stocks, climbed 102.72 points, or 1.3%, to 7,976.88.
Investors fear that the trade war and the slowdown in the global economy will plunge the United States into a recession. But traders have put their concerns aside on Wednesday by focusing instead on geopolitical developments.
In Hong Kong, the government withdrew an extradition bill that triggered three months of protests.
In Europe, the UK Parliament has taken a big step forward in passing a law that could prevent Prime Minister Boris Johnson's plan to withdraw from the EU on Oct. 31 with or without a withdrawal agreement. Leaving the EU without an agreement covering trade and other issues could result in economic chaos for Britain and complicate trade with EU member countries.
The ongoing trade dispute between Washington and Beijing has shaken markets this summer. Economic uncertainty has also become a drag on businesses.
On Sunday, the conflict intensified when the United States imposed a 15% tariff on about $ 112 billion worth of Chinese goods. China reacted by applying tariffs of 10% and 5% on a list of US products.
The escalation was expected since the beginning of August, when the US announced plans for new tariff measures, which would incite China to take revenge.
Following the announcement of the resumption of trade talks on Thursday, some analysts have warned against too much optimism.
"Although a drop in the geopolitical risk premium is a welcome relief, but with the ubiquitous shadow of the trade war looming on the market and threatening to collapse at any time, the Air remains prudent, "said Stephen Innes, Asia-Pacific market. strategist at AxiTrader.
Reference crude oil
CLV19, -0.55%
slightly increased by 12 cents to $ 56.38 per barrel. It rose $ 2.32 to $ 56.26 a barrel on Wednesday. Raw Brent
BRNX19, -0.35%
, the international standard, gained 17 cents to 60.87 dollars a barrel.
The dollar
USDJPY, + 0.08%
rose to 106.63 Japanese yen from 106.21 yen on Wednesday.
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