By Dow Jones Newswire
Asian markets largely rallied Friday as investors took a more upbeat view of the global trade situation after the White House extended an invitation to China for fresh trade talks.
An editorial in a state-run newspaper Friday warned, however, that China would not cave to pressure.
“The Trump administration should not be mistaken that China will surrender to the U.S. demands. It has enough fuel to drive its economy even if a trade war is prolonged,” the newspaper said in an editorial, according to Reuters .
Chinese stocks stood out with a small loss after a solid rebound yesterday. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.34% slipped 0.2%, while the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.28% dropped 1.8%.
In Japan, the Nikkei closed at its highest level in seven months, driven by gains in electronics stocks, as hopes grow for U.S.-China trade talks and with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1262% hitting a six-week low of ¥112.08. The Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.45% closed up 1.2% to 23,094.670, with Fujifilm /zigman2/quotes/209829801/delayed JP:4901 -0.56% jumping 4.6% and Murata Manufacturing /zigman2/quotes/204266745/delayed JP:6981 +1.50% gaining 5.3%. Some energy stocks fell down after oil’s strong overnight pullback. The Nikkei gained 3.5% for the week, it’s best weekly gain since the week ending July 13.
Hong Kong Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.26% jumped 1% after the benchmark ‘s best day in two years Thursday. Tencent /zigman2/quotes/204605823/delayed HK:700 -1.24% rose a further 2% after yesterday’s 5% jump, its best since 2016. Among financials, big insurer AIA /zigman2/quotes/203565558/delayed HK:1299 +1.09% climbing 1.8%, and big banks like HSBC /zigman2/quotes/202687335/delayed HK:5 +0.31% were up as well. Macau stocks extended their rebound while CNOOC /zigman2/quotes/203421416/delayed HK:883 +0.19% pulled back 0.7%.
Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.29% surged 1.4%, as Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.30% climbed ove 4%. Taiwan’s Taiex finished up 1.3% as Apple /zigman2/quotes/202934861/composite AAPL -1.07% iPhone suppliers Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 +1.76% and Largan Precision /zigman2/quotes/210444196/delayed TW:3008 -1.55% rose a respective 2.4% and 7.2%.
Australia’s ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.25% ended its session up 0.6%, while New Zealand’s NZX-50 /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.06% gained 0.2%. Benchmarks in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.82% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.03% logged gains of around 1% each.