Bulletin
Investor Alert

New York Markets After Hours

Asia Markets Archives | Email alerts

May 31, 2020, 11:58 p.m. EDT

Asian markets rise on ‘sigh of relief’ over Trump’s response to China

Nikkei, Hang Seng jump as Trump’s actions Friday were not as bad as feared

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NIKKEI 225 Index (NIK)
  • X
    Hang Seng Index (HSI)
  • X
    Shanghai Composite Index (SHCOMP)

or Cancel Already have a watchlist? Log In

By Marketwatch


Getty Images
People spend time on the waterfront of Victoria Harbour in Hong Kong on Sunday.

Asian markets gained in early trading Monday as President Donald Trump’s response Friday to China’s new law reining in Hong Kong was not as bad as feared.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.87%   rose 1% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.14%   jumped 3.3%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.83%   gained 2% while the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.85%   surged 2.8%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.11%   advanced 1.2% while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.02%   and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.41%   rose more than 1%. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%   rose 0.9%.

U.S. stock indexes ended mostly higher Friday and booked sharp gains for the week and month. Trump on Friday announced a series of actions against China.

“As expected, the president withdrew Hong Kong’s special status over the new China imposed security law,” Jeffrey Halley, senior Asia-Pacific markets analyst at Oanda, wrote in a note Monday. “What he did not do, however, was withdraw from the U.S.-China phase-one trade agreement signed in January. Nor did he impose sanctions on Chinese officials or persons connected to the regime. The collective sigh of relief in Asia is palpable this morning.”

Data across Asia showed the effects of the coronavirus pandemic are lingering. Official data released Sunday showed China’s factory activity fell in May for a second straight month, though was still slightly in expansion territory. Meanwhile, South Korea reported Monday that exports plunged nearly 24% in May from the previous year due to weak demand. Manufacturing activity in Japan and Australia also contracted.

U.S. crude oil   for delivery in July fell slightly in electronic trading on the New York Mercantile Exchange, while July Brent crude  , the international standard, was little changed.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0140%   fell to 107.65 Japanese yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,587.01
-197.73 -0.87%
Volume: 0.00
July 14, 2020 3:15p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,477.89
-294.23 -1.14%
Volume: 2.18M
July 14, 2020 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,414.62
-28.67 -0.83%
Volume: 54.32B
July 14, 2020 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,309.57
-19.83 -0.85%
Volume: 73.55B
July 14, 2020 3:00p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,183.61
-2.45 -0.11%
Volume: 810,952
July 14, 2020 3:32p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
12,209.01
-2.55 -0.02%
Volume: 0.00
July 14, 2020 1:31p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,620.19
-10.89 -0.41%
Volume: 0.00
July 14, 2020 5:20p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,941.10
-36.40 -0.61%
Volume: 652,785
July 14, 2020 5:01p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.2740
-0.0150 -0.0140%
Volume: 0.0000
July 14, 2020 4:29p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.