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June 27, 2019, 12:04 a.m. EDT

Asian markets rise on renewed hopes of trade truce emerging from G-20 meeting

Stocks in Japan, Hong Kong, mainland China gain on report of tentative tariff truce

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By Associated Press and Marketwatch


Reuters
A security officer walks past at the venue of G-20 summit in Osaka, Japan, on Wednesday.

Asian markets gained in early trading Thursday, as investors focused on optimistic signs ahead of Saturday’s meeting between Presidents Donald Trump and Xi Jinping at the G-20 summit.

The meeting is undoubtedly the economic highlight of the summit, held in Osaka, Japan, on Friday and Saturday. Investors hope that the presidents will move toward resolving a trade dispute that has raised business costs and weighed on global financial markets.

Trump has said he was prepared to place tariffs on $300 billion more in Chinese imports, covering everything China ships to the United States, if the talks with Xi don’t end in progress.

“The Chinese economy’s going down the tubes,” he said in an interview with Fox Business Network on Wednesday. “They want to make a deal more than I do.”

Early Wednesday, U.S. Treasury Secretary said a trade deal with China was “90% of the way there,” and that he was confident Trump and Xi would make inroads to restarting negotiations. On Thursday, the South China Morning Post reported the U.S. and China have tentatively agreed to a tariff truce in order to resume trade talks, and that an official announcement would be made before Trump and Xi meet in Osaka.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +1.18%   rose 1% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +3.36%   gained 1.1%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.69%   advanced 0.9% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +2.53%   rose 1.1%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.41%   gained 0.7% and benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +1.33%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +1.60%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.79%   advanced as well. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.91%   edged up 0.1%.

Among individual stocks, Japan Display /zigman2/quotes/204799605/delayed JP:6740 +2.17%   skyrocketed in Tokyo trading after a report that Apple /zigman2/quotes/202934861/composite AAPL -0.10%   will invest $100 million into the beleaguered company. SoftBank /zigman2/quotes/207303954/delayed JP:9984 +3.85%  , Toyota /zigman2/quotes/203803129/delayed JP:7203 +0.03%   and Mitsubishi UFJ /zigman2/quotes/207520099/delayed JP:8306 -0.70%   also gained. In Hong Kong, casino operators Sands China /zigman2/quotes/207609245/delayed HK:1928 +2.32%   and Galaxy Entertainment /zigman2/quotes/202884203/delayed HK:27 +3.06%   rose, along with AAC /zigman2/quotes/201441510/delayed HK:2018 +5.28%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +5.47%  . Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.79%   advanced in South Korea and Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 +1.37%   gained in Taiwan. BHP /zigman2/quotes/201448516/delayed AU:BHP +2.60%   and Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO +3.42%   rose in Australia.

Stephen Innes of Vanguard Markets believes the upcoming talks at the G-20 will be a “formality at best.”

“Although Mnuchin suggested we are 90% there to a trade deal, that reaming 10% has always been the gap too far to bridge — especially that trust gap where the U.S. wants to keep existing tariffs in place to ensure China compliance,” he added.

Wall Street made early gains Wednesday on optimism over the talks. But the rally fizzled and most major benchmarks were lower at the closing bell.

The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.48%   eased 0.1% to 2,913.78 and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.07%   shed less than 0.1% to 26,536.82. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +1.29%   added 0.3% to 7,909.97.

Benchmark U.S. crude   lost 16 cents to $59.22 a barrel. It picked up $1.55 to settle at $59.38 a barrel on Wednesday. Brent crude oil  , the international standard, shed 21 cents to $65.48 a barrel. The contract gained $1.41 to $65.69 a barrel in the previous session.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1521%   rose to 107.97 yen from 107.79 yen late Wednesday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,135.75
+257.86 +1.18%
Volume: 0.00
June 1, 2020 11:35a
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,733.13
+771.66 +3.36%
Volume: 1.14M
June 1, 2020 10:59a
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,900.52
+48.17 +1.69%
Volume: 13.31B
June 1, 2020 10:59a
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
1,831.62
+45.11 +2.53%
Volume: 20.59B
June 1, 2020 10:59a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,058.15
+28.55 +1.41%
Volume: 484,977
June 1, 2020 11:54a
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
11,087.31
+145.15 +1.33%
Volume: 0.00
June 1, 2020 10:54a
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,551.04
+40.29 +1.60%
Volume: 0.00
June 1, 2020 10:59a
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
4,753.61
+37.43 +0.79%
Volume: 0.00
May 29, 2020 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,808.10
+52.40 +0.91%
Volume: 382,852
June 1, 2020 12:54p
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/zigman2/quotes/204799605/delayed
JP : Japan: Tokyo
¥ 47.00
+1.00 +2.17%
Volume: 360,600
June 1, 2020 11:30a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥38.92 billion
Rev. per Employee
¥53.48M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 317.94
-0.31 -0.10%
Volume: 38.40M
May 29, 2020 4:00p
P/E Ratio
24.92
Dividend Yield
1.03%
Market Cap
$1378.06 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 5,018.00
+186.00 +3.85%
Volume: 16.21M
June 1, 2020 11:30a
P/E Ratio
33.67
Dividend Yield
0.88%
Market Cap
¥9992.53 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 6,757.00
+2.00 +0.03%
Volume: 2.20M
June 1, 2020 11:30a
P/E Ratio
7.81
Dividend Yield
3.26%
Market Cap
¥18685.40 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 441.10
-3.10 -0.70%
Volume: 32.18M
June 1, 2020 11:30a
P/E Ratio
10.81
Dividend Yield
5.67%
Market Cap
¥5703.81 billion
Rev. per Employee
¥50.52M
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/zigman2/quotes/207609245/delayed
HK : Hong Kong
HK$ 30.85
+0.70 +2.32%
Volume: 7.24M
June 1, 2020 10:59a
P/E Ratio
15.67
Dividend Yield
3.21%
Market Cap
HK$243.88 billion
Rev. per Employee
HK$1.41M
loading...
/zigman2/quotes/202884203/delayed
HK : Hong Kong
HK$ 53.90
+1.60 +3.06%
Volume: 3.92M
June 1, 2020 10:59a
P/E Ratio
17.96
Dividend Yield
1.69%
Market Cap
HK$226.72 billion
Rev. per Employee
HK$1.44M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 41.90
+2.10 +5.28%
Volume: 7.03M
June 1, 2020 10:59a
P/E Ratio
20.22
Dividend Yield
0.95%
Market Cap
HK$48.10 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 108.00
+5.60 +5.47%
Volume: 3.49M
June 1, 2020 10:59a
P/E Ratio
26.29
Dividend Yield
0.75%
Market Cap
HK$112.32 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
51,100.00
+400.00 +0.79%
Volume: 8.64M
June 1, 2020 11:54a
P/E Ratio
16.31
Dividend Yield
2.77%
Market Cap
₩344388.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 296.00
+4.00 +1.37%
Volume: 22.12M
June 1, 2020 10:54a
P/E Ratio
19.15
Dividend Yield
3.38%
Market Cap
NT$7571.68 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 35.54
+0.90 +2.60%
Volume: 2.82M
June 1, 2020 12:54p
P/E Ratio
13.30
Dividend Yield
6.00%
Market Cap
$175.17 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 96.59
+3.19 +3.42%
Volume: 680,964
June 1, 2020 12:54p
P/E Ratio
13.77
Dividend Yield
6.81%
Market Cap
$150.95 billion
Rev. per Employee
$1.14M
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/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
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.6550
-0.1640 -0.1521%
Volume: 0.0000
May 31, 2020 11:14p
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