Investing.com – Asian stocks maintained an upbeat note into the afternoon Monday, riding a wave of support after news that a trade deal between China and the U.S. could be completed as soon as this month.
Chinese shares put in a solid performance. The Shanghai Composite Index was up 1.12% by 2:10 PM ET (7:10 AM GMT) while the Shenzhen Component climbed 2.36%.
The Shanghai Composite is up around 18% from the beginning of 2019 and Shenzhen has notched gains of 24%.
In Hong Kong, the Hang Seng Index opened the day flat but was trading up 0.62% by mid-afternoon. Hong Kong’s main index is up around 13% so far this year.
Most main stock markets around the region also posted gains.
Japan’s Nikkei 225 was up 1.04%.
An exception to the upward trend was the KOSPI in South Korea, which reversed morning gains to trade 0.22% down by mid-afternoon.
Australia’s S&P/ASX 200 was up 0.4% to 6,224.
The upbeat mood was driven by news from the Wall Street Journal Sunday night that the U.S. is poised to lift most or even all tariffs on Chinese imports. U.S. President Donald Trump and Chinese President Xi Jinping could sign a deal as early as this month.