Stocks mostly rise on hope for progress on China trade talks
TOKYO (AP) — Global stocks mostly rose Monday amid signs of progress in resolving the trade dispute between the U.S. and China. The Wall Street Journal reported the countries hope to have a resolution by November.
KEEPING SCORE: France’s CAC 40 edged up nearly 0.6 percent to 5,378 while Germany’s DAX added 1 percent to 12,336 and Britain’s FTSE 100 climbed 0.4 percent to 7,586. U.S. shares were also set to drift higher with Dow and S&P 500 futures both gaining 0.2 percent.
ASIA’S DAY: Japan’s benchmark Nikkei 225 gave up 0.3 percent to 22,199.00. Australia’s S&P/ASX 200 added 0.1 percent to 6,345.00. South Korea’s Kospi was little changed, edging up less than 0.1 percent to 2,247.88. Hong Kong’s Hang Seng gained 1.4 percent to 27,598.02, while the Shanghai Composite climbed 1.1 percent to 2,698.47. Shares also rose in Taiwan.
TRADE TENSIONS: Asian regional markets generally thrive on harmonious global trade relations. The Wall Street Journal cited officials in both the U.S. and China in its report that said negotiators want to end the trade war before President Donald Trump and Chinese President Xi Jinping meet at multilateral events in November.
THE QUOTE: “China and U.S. restarting trade talks, no matter how tentative they are, will undoubtedly be a positive development for risk appetite,” says Chang Wei Liang at Mizuho Bank in Singapore.
ENERGY: U.S. benchmark crude was down 18 cents at $65.73 a barrel. It picked up 0.7 percent to $65.91 a barrel in New York late on Friday. Brent crude, the standard for international oil prices, rose 16 cents to $71.99 per barrel in London.
CURRENCIES: The dollar rose to 110.54 yen from 110.46 yen late Friday in Asia. The euro rose to $1.1421 from $1.1393.
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