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Asian stocks rally on market optimism
Shares swung higher in Asia on Friday after a wobbly day of trading on Wall Street as investors awaited a U.S. government jobs report and kept an eye out for developments in China-U.S. trade talks.Hong Kong’s Hang Seng Index rose 0.7% to 26,401.47, while the Nikkei 225 in Japan picked up 0.2% to 23,352.81. South Korea’s Kospi jumped 0.9% to 2,078.77, while the Shanghai Composite index was flat, at 2,899.97. Australia’s S&P ASX 200 gained 0.2% to 6,697.40. Shares also rose in Taiwan and Southeast Asia.Investors are hoping that the world’s two biggest economies will reach a trade deal before new U.S. tariffs go into effect Dec 15 on some popular products made in China, including smartphones.“Whether or not U.S.-China can cut a deal remains the obsession; arguably the only game in town heading into ahead of the 15-Dec deadline for the next round of tariffs fall due,” Mizuho Bank said in a commentary.Chinese officials said Thursday that hinges on whether the U.S. will agree to roll back some of the tariffs imposed by President Donald Trump after he began his effort to win trade concessions from Beijing in mid-2018.Investors will also be looking for clues into the state of the U.S. economy from the Labor Department’s November tally of hiring by nonfarm employers, to be released later Friday. Economists expect the unemployment rate to hold steady at 3.6%.“You’ve had some mixed economic data this week, so the market probably wants to wait and see what we get tomorrow morning,” said Willie Delwiche, investment strategist at Baird. (AP)
2019-12-06 12:57:23
Shares swung higher in Asia on Friday after a wobbly day of trading on Wall Street as investors awaited a U.S. government jobs report and kept an eye out for developments in China-U.S. trade talks.Hong Kong’s Hang Seng Index rose 0.7% to 26,401.47, while the Nikkei 225 in Japan picked up 0.2% to 23,352.81. South Korea’s Kospi jumped 0.9% to 2,078.77, while the Shanghai Composite index was flat, at 2,899.97. Australia’s S&P ASX 200 gained 0.2% to 6,697.40. Shares also rose in Taiwan and Southeast Asia.Investors are hoping that the world’s two biggest economies will reach a trade deal before new U.S. tariffs go into effect Dec 15 on some popular products made in China, including smartphones.“Whether or not U.S.-China can cut a deal remains the obsession; arguably the only game in town heading into ahead of the 15-Dec deadline for the next round of tariffs fall due,” Mizuho Bank said in a commentary.Chinese officials said Thursday that hinges on whether the U.S. will agree to roll back some of the tariffs imposed by President Donald Trump after he began his effort to win trade concessions from Beijing in mid-2018.Investors will also be looking for clues into the state of the U.S. economy from the Labor Department’s November tally of hiring by nonfarm employers, to be released later Friday. Economists expect the unemployment rate to hold steady at 3.6%.“You’ve had some mixed economic data this week, so the market probably wants to wait and see what we get tomorrow morning,” said Willie Delwiche, investment strategist at Baird. (AP)
2019-12-06 12:57:23