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May 21, 2018, 7:56 a.m. EDT

Asian markets rally as U.S.-China trade tensions ease

Tech stocks lift Hang Seng Index; Nikkei edges higher

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By Mike Murphy


Getty Images
Hee Chun Mak and Tang Chun Man of Hong Kong compete in a badminton tournament in Bangkok on Sunday.

Asian markets gained Monday after fears of a trade war between the U.S. and China receded.

On Sunday morning, U.S. Treasury Secretary Steve Mnuchin said the Trump administration would delay implementing tariffs on Chinese goods, and would “put the trade war on hold” while details of a trade deal are worked out. U.S. trade representative Robert Lighthizer later said the U.S. may still impose tariffs. On Saturday, after high-level deliberations in Washington, China agreed to buy more U.S. goods, though its negotiators refused to put a dollar amount on it.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.42%   gained 0.6% Monday, with strong performances from tech and financial stocks. Smartphone component-makers Sunny Optical Technology Group Co. /zigman2/quotes/206687505/delayed HK:2382 -5.24%   and AAC Technologies Holdings Inc. /zigman2/quotes/201441510/delayed HK:2018 -6.59%   each surged, as did insurer AIA Group Ltd. /zigman2/quotes/203565558/delayed HK:1299 -1.60%  .

Taiwan’s Taiex   gained 1.3% on the back of Taiwan Semiconductor Manufacturing Co. /zigman2/quotes/207385621/delayed TW:2330 -0.78%  , which rose nearly 2.5% after pulling back more than 4% last week. Stocks in Shanghai /zigman2/quotes/210598127/delayed CN:SHCOMP -3.71%  , Singapore /zigman2/quotes/210597985/delayed SG:STI -3.23%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -1.52%  advanced as well.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -3.67%   and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -3.30%   edged higher, despite losses from steelmakers such as Kobe Steel Ltd. /zigman2/quotes/207391157/delayed JP:5406 -3.84%   and Hyundai Steel Co. /zigman2/quotes/203290957/delayed KR:004020 -4.60%  . Shares of Korea’s LG Electronics /zigman2/quotes/209966407/delayed KR:066570 -3.21%   made up early losses following the death of its 73-year-old chairman, Koo Bon-moo .

Only Australia failed to benefit from regional gains. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -3.25%   rose initially but ended down less than 0.1%. Early optimism was pinned on Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO -2.57%  , which jumped after receiving a $10.84 billion buyout bid from U.S.-based Harbour Energy, an 11% premium of Santos stock as of Friday’s close, according to Reuters .

Stocks in the U.S. were poised to jump when the market opens Monday, with Dow Jones futures   up some 200 points, or 0.9%, and S&P 500 futures   and Nasdaq futures   up as well.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,129.93
-648.69 -2.42%
Volume: 3.19M
Feb. 28, 2020 4:09p
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/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 121.20
-6.70 -5.24%
Volume: 17.34M
Feb. 28, 2020 4:08p
P/E Ratio
42.15
Dividend Yield
0.55%
Market Cap
HK$132.94 billion
Rev. per Employee
HK$1.08M
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 51.05
-3.60 -6.59%
Volume: 23.57M
Feb. 28, 2020 4:08p
P/E Ratio
19.47
Dividend Yield
2.80%
Market Cap
HK$61.69 billion
Rev. per Employee
HK$411,637
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/zigman2/quotes/203565558/delayed
HK : Hong Kong
HK$ 76.90
-1.25 -1.60%
Volume: 41.50M
Feb. 28, 2020 4:08p
P/E Ratio
24.50
Dividend Yield
1.54%
Market Cap
HK$926.46 billion
Rev. per Employee
HK$12.98M
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/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 316.00
-2.50 -0.78%
Volume: 61.25M
Feb. 27, 2020 1:30p
P/E Ratio
23.73
Dividend Yield
3.01%
Market Cap
NT$8194.01 billion
Rev. per Employee
N/A
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,880.30
-111.03 -3.71%
Volume: 40.12B
Feb. 28, 2020 3:01p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,011.08
-100.62 -3.23%
Volume: 0.00
Feb. 28, 2020 5:20p
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,482.64
-22.95 -1.52%
Volume: 0.00
Feb. 28, 2020 5:05p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
21,142.96
-805.27 -3.67%
Volume: 0.00
Feb. 28, 2020 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,987.01
-67.88 -3.30%
Volume: 671,551
Feb. 28, 2020 3:33p
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/zigman2/quotes/207391157/delayed
JP : Japan: Tokyo
¥ 401.00
-16.00 -3.84%
Volume: 11.11M
Feb. 28, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥145.44 billion
Rev. per Employee
¥52.09M
loading...
/zigman2/quotes/203290957/delayed
KR : S. Korea: KRX
23,850.00
-1,150 -4.60%
Volume: 843,962
Feb. 28, 2020 3:30p
P/E Ratio
163.03
Dividend Yield
3.14%
Market Cap
₩3130.81 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209966407/delayed
KR : S. Korea: KRX
60,400.00
-2,000 -3.21%
Volume: 932,828
Feb. 28, 2020 3:30p
P/E Ratio
59.42
Dividend Yield
1.24%
Market Cap
₩10876.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,441.20
-216.70 -3.25%
Volume: 1.52M
Feb. 28, 2020 5:29p
loading...
/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 6.83
-0.18 -2.57%
Volume: 15.80M
Feb. 28, 2020 4:10p
P/E Ratio
14.82
Dividend Yield
2.41%
Market Cap
$14.19 billion
Rev. per Employee
$2.29M
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