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Asian Markets Move Higher on Positive Trade News
Published Oct 21, 2019 10:53PM ET
© Reuters.
Investing.com - Asian markets moved higher in morning trade on Tuesday, following gains on the Wall Street overnight amid positive Sino-U.S. trade news.
China’s Shanghai Composite was little changed at 2,941.32 by 10:35 PM ET (02:35 GMT), while the Shenzhen Component gained 0.4%.
U.S. President Donald Trump said during a Cabinet meeting at the White House that China has begun buying American agriculture products. “I want more,” he added.
Le Yucheng, China’s Vice Foreign Minister, said the two sides have achieved some progress in trade negotiations. “The world wants China and the United States to end their trade war,” he said.
“Fuelling the positive mood music have been comments from President (Donald) Trump’s chief economic adviser Larry Kudlow saying that while down to Trump, he sees the possibility of taking off the threatened December tariff increases, as China requested, if the trade talks go well,” Ray Attrill, head of foreign-exchange strategy at the National Australia Bank, wrote in a morning note.
Some believe Trump and Chinese President Xi Jinping will sign a partial trade deal in Chile next month during the Asia-Pacific Economic Cooperation meetings.
Meanwhile, the People’s Bank of China added 250 billion yuan ($35 billion) into the banking system via seven-day reverse repurchase agreements. It was the largest amount in a daily open market operation since May.
Hong Kong’s Hang Seng Index traded 0.2% higher.
South Korea’s KOSPI moved 1.0% higher.
Down under, Australia’s ASX 200 rose 0.3%.
Rio Tinto Group made headlines after the group said it is looking to boost its exposure to the electric car battery revolution.
The company will start producing lithium in California that is needed in rechargeable batteries for electric vehicles.
“If the trials continue to prove successful, this has the potential to become America’s largest domestic producer of battery-grade lithium - all without the need for further mining,” Bold Baatar, chief executive officer of Rio’s energy and minerals division, said in a statement.
Japan is closed for a public holiday.
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