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Dec. 16, 2019, 11:57 p.m. EST

Asian markets gain after record highs on Wall Street

Strong economic data from China helps boost Nikkei, Hang Seng

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By Associated Press and Marketwatch


Associated Press
A currency trader stands near screens showing the Korea Composite Stock Price Index, center, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul on Tuesday.

Asian shares rose Tuesday following a rally on Wall Street that sent the major indexes to record highs, cheered by surprisingly strong economic reports out of China.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.18%   added 0.5% in early trading. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.05%   gained 1.1%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.74%   added 1.1%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.22%   rose 0.9%. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.63%   was little changed.

Among individual stocks, oil producer Inpex /zigman2/quotes/206689846/delayed JP:1605 -1.84%   gained in Tokyo trading, along with SoftBank /zigman2/quotes/207303954/delayed JP:9984 +0.10%   and Konami /zigman2/quotes/204275993/delayed JP:9766 -1.69%  . In Hong Kong, CNOOC /zigman2/quotes/203421416/delayed HK:883 -1.93%  , Tencent /zigman2/quotes/204605823/delayed HK:700 +0.54%   and Country Garden /zigman2/quotes/201681083/delayed HK:2007 -0.10%   advanced. Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.60%   surged in South Korea, and Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -0.25%   and Beach Energy /zigman2/quotes/200513631/delayed AU:BPT +1.25%   rose in Australia.

On Wall Street, the S&P 500 and Nasdaq notched all-time highs for the third straight trading day. The Dow Jones Industrial Average bested its last record high set in late November.

Among the reports out of China helping drive the rally were growth in factory activity and retail sales in the world’s second-largest economy that both beat analysts’ expectations for last month.

The market got a big confidence boost late last week after the United States and China reached a long-awaited “phase one” trade deal. The trade pact removed some of the uncertainty that’s hung over businesses and investors.

“What’s important about it is that we’re not witnessing an acceleration in the trade war,” said Quincy Krosby, chief market strategist at Prudential Financial. “Right now, what the market is looking at is the possibility that we go into 2020 and we actually see global growth beginning to emerge, even if it’s not immediate.”

The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48%   rose 22.65 points, or 0.7%, to 3,191.45. The benchmark index is on a four-day winning streak. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.07%   gained 100.51 points, or 0.4%, to 28,235.89. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +1.29%   climbed 79.35 points, or 0.9%, to 8,814.23.

The U.S. and China agreed last week to cut tariffs on some of each others’ goods and postpone other tariff threats, the first time the two countries have stepped back from the brink in their 17-month trade fight.

In return, China promised to ramp up its purchases of U.S. agricultural, energy and other goods and to stop forcing U.S. companies to turn over technology as a condition of doing business in that country.

The interim trade deal is one of a “trifecta of positive catalysts” that swept through the market last week and could help support it through the end of the year, Morgan Stanley strategists wrote in a research note. The others are a Federal Reserve that appears committed to keeping interest rates low and the potential for an orderly exit by the United Kingdom from the European Union following last week’s U.K. elections.

Benchmark U.S. crude   slipped 4 cents to $60.17 a barrel. It rose 14 cents to $60.21 a barrel Monday. Brent crude  , the international standard, stood unchanged at $65.34 per barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1672%   rose to 109.52 Japanese yen from 109.42 yen on Friday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
21,877.89
-38.42 -0.18%
Volume: 0.00
May 29, 2020 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,029.60
+1.06 +0.05%
Volume: 1.09M
May 29, 2020 3:33p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
22,961.47
-171.29 -0.74%
Volume: 3.62M
May 29, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,852.35
+6.13 +0.22%
Volume: 20.68B
May 29, 2020 3:01p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,755.70
-95.40 -1.63%
Volume: 2.45M
May 29, 2020 5:16p
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/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 750.90
-14.10 -1.84%
Volume: 18.33M
May 29, 2020 3:00p
P/E Ratio
9.46
Dividend Yield
3.20%
Market Cap
¥1117.05 billion
Rev. per Employee
¥291.81M
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/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 4,832.00
+5.00 +0.10%
Volume: 21.51M
May 29, 2020 3:00p
P/E Ratio
32.42
Dividend Yield
0.91%
Market Cap
¥9982.19 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/204275993/delayed
JP : Japan: Tokyo
¥ 3,785.00
-65.00 -1.69%
Volume: 1.88M
May 29, 2020 3:00p
P/E Ratio
26.14
Dividend Yield
1.19%
Market Cap
¥512.88 billion
Rev. per Employee
¥53.86M
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.63
-0.17 -1.93%
Volume: 121.30M
May 29, 2020 4:08p
P/E Ratio
5.56
Dividend Yield
9.04%
Market Cap
HK$392.90 billion
Rev. per Employee
HK$13.96M
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 410.40
+2.20 +0.54%
Volume: 29.28M
May 29, 2020 4:08p
P/E Ratio
36.95
Dividend Yield
0.29%
Market Cap
HK$3865.83 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/201681083/delayed
HK : Hong Kong
HK$ 9.58
-0.01 -0.10%
Volume: 34.79M
May 29, 2020 4:08p
P/E Ratio
4.73
Dividend Yield
6.53%
Market Cap
HK$206.95 billion
Rev. per Employee
HK$3.60M
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
50,700.00
+300.00 +0.60%
Volume: 27.60M
May 29, 2020 3:30p
P/E Ratio
16.18
Dividend Yield
2.79%
Market Cap
₩342350.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 93.40
-0.23 -0.25%
Volume: 3.85M
May 29, 2020 4:10p
P/E Ratio
13.32
Dividend Yield
7.04%
Market Cap
$151.32 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/200513631/delayed
AU : Australia: Sydney
$ 1.62
+0.02 +1.25%
Volume: 20.67M
May 29, 2020 4:10p
P/E Ratio
6.44
Dividend Yield
1.24%
Market Cap
$3.64 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,383.11
-17.53 -0.07%
Volume: 545.14M
May 29, 2020 5:14p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
9,489.87
+120.88 +1.29%
Volume: 4.24M
May 29, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.8190
+0.1800 +0.1672%
Volume: 0.0000
May 29, 2020 4:59p
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