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Jan. 21, 2019, 7:44 a.m. EST

Asian markets rise despite slower economic growth in China

Nikkei, Hang Seng continue Wall Street’s gains last week

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By Associated Press and MarketWatch

A worker works at a furnace at a steel plant of Dalian Special Steel Co Ltd in Dalian, China. China reported its 2018 GDP grew at the slowest pace since 1990.

Shares in Asia rose modestly on Monday, extending gains on Wall Street last week. Buying enthusiasm was spurred by renewed hopes for progress on resolving the trade standoff between the U.S. and China. Shares rose in Shanghai and Hong Kong early Monday despite news that China’s economy grew at its lowest pace in three decades last year.

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.02%  closed up 0.6% and Hong Kong’s Hang Seng index /zigman2/quotes/210598030/delayed HK:HSI -0.67%   climbed 0.3%. Japan’s Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK +1.14%   rose 0.3%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.16%   was almost flat and the S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.45%   in Australia added 0.2%. Shares rose in Southeast Asia and Taiwan  .

Among individual stocks, Nissan /zigman2/quotes/208298710/delayed JP:7201 -0.59%   rose slightly as former chairman Carlos Ghosn renewed an attempt for bail. Electronics maker TDK /zigman2/quotes/208948266/delayed JP:6762 +2.11%   and Takeda Pharmeceutical /zigman2/quotes/201302442/delayed JP:4502 +0.08%   were among Tokyo’s biggest gainers. In Hong Kong, shares of Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -2.19%   surged while fellow Apple component maker AAC /zigman2/quotes/201441510/delayed HK:2018 -0.93%   fell. In Australia, Treasury Wine Estates /zigman2/quotes/203712816/delayed AU:TWE +1.13%   stock jumped after announcing its chief operating officer had left the company due to a breach of internal policies.

China on Monday announced its economy expanded by 6.6% over a year earlier, down from 2017’s 6.9%. Growth in the three months ending in December cooled to 6.4% from the previous quarter’s 6.5%. China’s communist leaders are trying to steer China to slower, more self-sustaining growth based on consumer spending instead of trade and investment. But the slowdown has been sharper than expected, prompting Beijing to ease lending controls and step up government spending to shore up growth and avoid politically dangerous job losses. The lackluster data raised hopes for more policy action.

Stock benchmarks in the U.S. and Europe jumped Friday after Bloomberg News reported that Chinese officials offered to buy more goods and services from the U.S., potentially eliminating its trade deficit by 2024. On Wednesday the Chinese government said the top trade envoys from both countries will meet at the end of January. The U.S. trade deficit with China grew to a record $323.3 billion in 2018. The two countries have raised taxes on billions of dollars of each other’s goods in the spat over the trade deficit, Beijing’s manufacturing plans, and U.S. complaints that China steals technology from foreign companies.

“The scrutiny remains on U.S.-China trade even as no scheduled announcements or meetings are expected. After seeing Wall Street enthused by reports of the U.S. considering lifting tariffs on Friday, the weekend delivered another dose of positivity for markets. This came in the form of reports suggesting that China had offered a path to eliminate trade imbalances with the U.S. in their early January talk in China,” Jingyi Pan of IG said in a commentary.

On Friday, the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.73%   climbed 1.3% to 2,670.71 and the Dow Jones industrial average /zigman2/quotes/210598065/realtime DJIA +1.27%   climbed 1.4% to 24,706.35. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +2.09%   added 1% to 7,157.23. Stock indexes have surged since reaching a low point on Christmas Eve, as the S&P 500 has risen for four weeks in a row. It climbed 2.9% last week. It’s risen at least 1.9% every week during that rally. The Dow Jones Industrial Average is up 5.9% and the S&P 500 index has risen 6.5% so far this year, a surprisingly strong showing coming off a punishing end to 2018. U.S. stock and bond markets will be closed Monday for the Martin Luther King Jr. Day holiday.

U.S. crude   rose modestly to $54.06 per barrel in electronic trading on the New York Mercantile Exchange. It rose 3.3 percent on Friday to $53.80 in New York. Brent crude  , used to price international oils, picked up 16 cents to $62.86 per barrel. It added 2.5 percent to $62.70 a barrel in London on Friday.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1109%   fell to 109.62 yen from 109.78 yen.

CN : China: Shanghai
-0.80 -0.02%
Volume: 28.71B
Aug. 15, 2022 3:00p
HK : Hong Kong Exchange
-134.76 -0.67%
Volume: 1.39M
Aug. 15, 2022 4:08p
JP : Nikkei
+324.80 +1.14%
Volume: 0.00
Aug. 15, 2022 3:15p
KR : Korea Exchange
+4.16 +0.16%
Volume: 445,546
Aug. 12, 2022 3:33p
+31.80 +0.45%
Volume: 585,908
Aug. 15, 2022 4:50p
JP : Japan: Tokyo
¥ 534.70
-3.20 -0.59%
Volume: 10.15M
Aug. 15, 2022 3:00p
P/E Ratio
Dividend Yield
Market Cap
¥2105.49 billion
Rev. per Employee
JP : Japan: Tokyo
¥ 5,080.00
+105.00 +2.11%
Volume: 2.44M
Aug. 15, 2022 3:00p
P/E Ratio
Dividend Yield
Market Cap
¥1885.50 billion
Rev. per Employee
JP : Japan: Tokyo
¥ 3,801.00
+3.00 +0.08%
Volume: 2.85M
Aug. 15, 2022 3:00p
P/E Ratio
Dividend Yield
Market Cap
¥5973.65 billion
Rev. per Employee
HK : Hong Kong
$ 120.50
-2.70 -2.19%
Volume: 4.39M
Aug. 15, 2022 4:08p
P/E Ratio
Dividend Yield
Market Cap
$134.83 billion
Rev. per Employee
HK : Hong Kong
$ 14.88
-0.14 -0.93%
Volume: 2.14M
Aug. 15, 2022 4:08p
P/E Ratio
Dividend Yield
Market Cap
$18.15 billion
Rev. per Employee
AU : Australia: Sydney
$ 12.51
+0.14 +1.13%
Volume: 970,278
Aug. 15, 2022 4:10p
P/E Ratio
Dividend Yield
Market Cap
$8.93 billion
Rev. per Employee
+72.88 +1.73%
Volume: 2.22B
Aug. 12, 2022 6:27p
US : Dow Jones Global
+424.38 +1.27%
Volume: 320.97M
Aug. 12, 2022 6:27p
US : Nasdaq
+267.27 +2.09%
Volume: 4.80B
Aug. 12, 2022 5:16p
US : Tullett Prebon
-0.1480 -0.1109%
Volume: 0.0000
Aug. 15, 2022 5:30a

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