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July 24, 2019, 12:11 a.m. EDT

Asian markets gain on reports of renewed U.S.-China trade talks

Stocks in Hong Kong, mainland China advance strongly

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By Marketwatch and Associated Press


Getty Images/iStockphoto
Stocks rose in Hong Kong on Wednesday.

Asian markets were mostly higher in early trading Wednesday, after reports that the U.S. and China will soon resume trade negotiations.

A delegation led by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will fly to Shanghai for high-level talks next week, the Wall Street Journal reported Tuesday. White House economic adviser Lawrence Kudlow said China may be prepared to buy more U.S. agricultural products as a “good-will gesture.” Top U.S. and Chinese negotiators have not met in person since talks stalled in early May.

Japan’s Nikkei rose 0.5% /zigman2/quotes/210597971/delayed JP:NIK +2.41%   while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.54%   gained about 0.9%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.21%   advanced 1% and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +2.42%   was up 1.4%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -2.80%   slipped 0.2%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -3.03%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.91%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +1.55%   were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.74%   rose 0.8%.

Among individual stocks, Screen Holdings /zigman2/quotes/200599327/delayed JP:7735 +3.49%   and Sony /zigman2/quotes/201361720/delayed JP:6758 +2.56%   rose in Tokyo trading. SoftBank /zigman2/quotes/207303954/delayed JP:9984 +5.46%   also gained after a report that Dish Network /zigman2/quotes/207505872/composite DISH -0.13%   has agreed to a $5 billion wireless-asset purchase, clearing the way for the mega-merger between T-Mobile /zigman2/quotes/204659678/composite TMUS -0.76%   and Sprint  , which is majority owned by SoftBank. In Hong Kong, Geely Automobile /zigman2/quotes/200716015/delayed HK:175 +3.57%   gained, as did Apple /zigman2/quotes/202934861/composite AAPL +0.22%   component suppliers Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +3.09%   and AAC /zigman2/quotes/201441510/delayed HK:2018 +2.15%  . Apple supplier LG Display /zigman2/quotes/204226570/delayed KR:034220 -4.64%   fell in South Korea after announcing a wider-than-expected quarterly operating loss . Westpac /zigman2/quotes/203084975/delayed AU:WBC +1.55%   and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +2.03%   rose in Australia

Markets have welcomed any sign of possible progress on trade despite warnings the U.S.-Chinese truce is fragile because the two sides still are separated by the same disputes that caused talks to founder in May. Those include U.S. restrictions on technology sales to Chinese tech giant Huawei.

“Optimism will grow that this meeting could signal a key turning point in securing a final deal,” said Edward Moya of OANDA in a report.

Investors will be watching “whether we see China deliver some structural reform promises and if the U.S. removes any of the current tariffs on Chinese goods and softens its hard line on Huawei,” said Moya.

On Wall Street, stocks were broadly higher after major companies reported solid second quarter gains.

The benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.48%   rose 0.7% to 3,005.47. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.50%   also rose 0.7%, to 27,349.19. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.56%   rose 0.6% to 8,251.40.

The gains followed several stumbles last week, extending a period of volatility in July as investors weigh a looming possible rate cut by the Federal Reserve as well as uncertainties over trade and the economy.

Nearly 150 companies in the S&P 500 are due to report results through Friday. Analysts are expecting earnings to decline overall for the second quarter in a row.

Benchmark U.S. crude   gained 21 cents to $56.98 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 55 cents on Wednesday to close at $56.77. Brent crude  , used to price international oils, advanced 17 cents to $63.83 in London. It gained 57 cents in the previous session to $63.83.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0253%   declined to 108.14 Japanese yen from Tuesday’s 108.23 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
29,663.50
+697.49 +2.41%
Volume: 0.00
March 1, 2021 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,427.89
+447.68 +1.54%
Volume: 2.43M
March 1, 2021 4:04p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,551.40
+42.32 +1.21%
Volume: 31.55B
March 1, 2021 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,349.17
+55.48 +2.42%
Volume: 34.50B
March 1, 2021 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,012.95
-86.74 -2.80%
Volume: 1.36M
Feb. 26, 2021 3:33p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
15,953.80
-498.38 -3.03%
Volume: 0.00
Feb. 26, 2021 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,975.91
+26.87 +0.91%
Volume: 0.00
March 1, 2021 4:04p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,338.51
+96.72 +1.55%
Volume: 0.00
March 1, 2021 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,789.60
+116.30 +1.74%
Volume: 734,282
March 1, 2021 5:18p
loading...
/zigman2/quotes/200599327/delayed
JP : Japan: Tokyo
¥ 8,590.00
+290.00 +3.49%
Volume: 887,500
March 1, 2021 3:00p
P/E Ratio
51.34
Dividend Yield
0.76%
Market Cap
¥386.48 billion
Rev. per Employee
¥53.22M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,405.00
+285.00 +2.56%
Volume: 4.19M
March 1, 2021 3:00p
P/E Ratio
13.23
Dividend Yield
0.48%
Market Cap
¥13748.64 billion
Rev. per Employee
¥73.75M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 10,435.00
+540.00 +5.46%
Volume: 11.24M
March 1, 2021 3:00p
P/E Ratio
13.50
Dividend Yield
0.00%
Market Cap
¥17827.28 billion
Rev. per Employee
¥76.45M
loading...
/zigman2/quotes/207505872/composite
US : U.S.: Nasdaq
$ 31.51
-0.04 -0.13%
Volume: 3.88M
Feb. 26, 2021 4:00p
P/E Ratio
10.48
Dividend Yield
N/A
Market Cap
$16.58 billion
Rev. per Employee
$1.15M
loading...
/zigman2/quotes/204659678/composite
US : U.S.: Nasdaq
$ 119.97
-0.92 -0.76%
Volume: 5.12M
Feb. 26, 2021 4:00p
P/E Ratio
43.02
Dividend Yield
N/A
Market Cap
$149.10 billion
Rev. per Employee
$911,960
loading...
/zigman2/quotes/200716015/delayed
HK : Hong Kong
HK$ 26.10
+0.90 +3.57%
Volume: 55.46M
March 1, 2021 3:59p
P/E Ratio
33.60
Dividend Yield
0.96%
Market Cap
HK$247.43 billion
Rev. per Employee
HK$3.04M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 121.26
+0.27 +0.22%
Volume: 164.56M
Feb. 26, 2021 4:00p
P/E Ratio
32.78
Dividend Yield
0.68%
Market Cap
$2035.72 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 200.00
+6.00 +3.09%
Volume: 4.46M
March 1, 2021 3:59p
P/E Ratio
45.87
Dividend Yield
0.41%
Market Cap
HK$212.25 billion
Rev. per Employee
HK$2.13M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 42.70
+0.90 +2.15%
Volume: 5.40M
March 1, 2021 3:59p
P/E Ratio
26.18
Dividend Yield
0.23%
Market Cap
HK$50.52 billion
Rev. per Employee
HK$514,884
loading...
/zigman2/quotes/204226570/delayed
KR : S. Korea: KRX
22,600.00
-1,100 -4.64%
Volume: 0.00
Feb. 26, 2021 3:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
₩8086.63 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 24.19
+0.37 +1.55%
Volume: 5.81M
March 1, 2021 4:10p
P/E Ratio
38.34
Dividend Yield
1.28%
Market Cap
$87.28 billion
Rev. per Employee
$826,888
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 25.14
+0.50 +2.03%
Volume: 4.70M
March 1, 2021 4:10p
P/E Ratio
31.35
Dividend Yield
2.39%
Market Cap
$81.10 billion
Rev. per Employee
$763,679
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,811.15
-18.19 -0.48%
Volume: 0.00
Feb. 26, 2021 5:04p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,932.37
-469.64 -1.50%
Volume: 538.91M
Feb. 26, 2021 5:04p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
13,192.35
+72.91 +0.56%
Volume: 5.02M
Feb. 26, 2021 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.5870
+0.0270 +0.0253%
Volume: 0.0000
March 1, 2021 3:19a
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