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Nov. 2, 2018, 6:31 a.m. EDT

Asian markets surge, kick off global stock rally as China-U.S. trade tensions ease for now

Apple suppliers not hurt by tech giant’s after-hours plunge

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By Dow Jones Newswires


AFP/Getty Images
A couple eat a snack overlooking the Kowloon district of Hong Kong.

Asian stock markets jumped Friday, reflecting investor relief about upcoming trade talks between China and the U.S., as well as the dollar‘s gains against a basket of major currencies including the yen.

President Donald Trump on Thursday said he had a good talk with Chinese President Xi Jinping, and that trade talks were “moving along nicely.” The two will meet formally later this month, with investors hoping a deal will be reached to ease trade tensions.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -1.06%   recovered after Thursday’s losses to close up 2.6%. Earnings season cast a pall on some stocks though. Suzuki Motor Corp. /zigman2/quotes/201794956/delayed JP:7269 -3.62%   was down 2.5%, off the worst of the day however, after its second-quarter operating profit slid 6.6% amid weaker sales in Europe, China and India — its biggest market. After a down day Thursday, telecoms rallied Friday, with Nippon Telegraph & Telephone /zigman2/quotes/200718273/delayed JP:9432 -0.02%   up 6.6% and NTT DoCoMo /zigman2/quotes/202061250/delayed JP:9437 -1.11%   rising 4%.

Chinese benchmarks were sharply higher amid hopes of easing the trade conflict, with the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -1.95%   up 2.7% and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.31%   advancing 3.4%. Insurers and brokerage firms led the gains while oil stocks were muted as oil prices slumped.

Hong Kong stocks surged, with the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.84%   up 4.2%. Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -4.07%  jumped 10% with index heavyweight Tencent /zigman2/quotes/204605823/delayed HK:700 -2.93%   adding 9%. Auto stocks saw renewed buying with Great Wall /zigman2/quotes/207702000/delayed HK:2333 +3.08%   and Geely Auto /zigman2/quotes/200716015/delayed HK:175 +3.90%   up 7% and 11% respectively. Among casino stocks, Galaxy Entertainment /zigman2/quotes/202884203/delayed HK:27 -1.65%  rose 9% and Wynn Macau /zigman2/quotes/200973447/delayed HK:1128 +0.15%   gained 13%. “The attitudes of both Chinese and U.S. leaders have been productive, bringing more positivity to the meeting at the end of the month,” said UOB Kay Hian stock strategist Ivan Ip.

Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.25%   component manufacturers were mostly unaffected by the tech giant’s after-hours slump following record quarterly earnings but a warning of slower holiday sales. Taiwan’s Taiex   rose 0.6%, as Foxconn /zigman2/quotes/204111604/delayed TW:2354 -1.55%   , Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 +1.01%  and Largan Precision /zigman2/quotes/210444196/delayed TW:3008 -9.48%   all gained. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.81%  was up 3.5% as Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.19%  and SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -0.24%   gained.

Benchmark indexes in Singapore /zigman2/quotes/210597985/delayed SG:STI -0.63%  , Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.54%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -0.43%   were also up.

Australia’s ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%   was initially the one of region’s few losers, as the energy and financial sectors pulled down the index. But it, too, rebounded, to close up 0.1%. Oil Search Limited /zigman2/quotes/204702973/delayed AU:OSH -4.15%   was off 1.2% and ANZ Bank /zigman2/quotes/205482049/delayed AU:ANZ -1.03%   was off 1.2% as well. New Zealand’s benchmark index /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.40%   fell slightly, giving up less than 0.1%.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,290.81
-238.48 -1.06%
Volume: 0.00
July 10, 2020 3:15p
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/zigman2/quotes/201794956/delayed
JP : Japan: Tokyo
¥ 3,652.00
-137.00 -3.62%
Volume: 2.68M
July 10, 2020 3:00p
P/E Ratio
12.75
Dividend Yield
2.03%
Market Cap
¥1838.92 billion
Rev. per Employee
¥59.39M
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/zigman2/quotes/200718273/delayed
JP : Japan: Tokyo
¥ 2,515.00
-0.50 -0.02%
Volume: 4.51M
July 10, 2020 3:00p
P/E Ratio
10.93
Dividend Yield
3.98%
Market Cap
¥9144.34 billion
Rev. per Employee
¥42.02M
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/zigman2/quotes/202061250/delayed
JP : Japan: Tokyo
¥ 2,935.50
-33.00 -1.11%
Volume: 3.70M
July 10, 2020 3:00p
P/E Ratio
16.37
Dividend Yield
4.09%
Market Cap
¥9267.74 billion
Rev. per Employee
¥175.79M
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,383.32
-67.27 -1.95%
Volume: 55.61B
July 10, 2020 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,251.00
-6.95 -0.31%
Volume: 69.67B
July 10, 2020 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,727.41
-482.75 -1.84%
Volume: 2.14M
July 10, 2020 4:08p
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/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 141.40
-6.00 -4.07%
Volume: 14.29M
July 10, 2020 4:08p
P/E Ratio
34.41
Dividend Yield
0.57%
Market Cap
HK$161.68 billion
Rev. per Employee
HK$1.08M
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 546.50
-16.50 -2.93%
Volume: 23.46M
July 10, 2020 4:08p
P/E Ratio
49.21
Dividend Yield
0.22%
Market Cap
HK$5332.97 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/207702000/delayed
HK : Hong Kong
HK$ 6.35
+0.19 +3.08%
Volume: 68.99M
July 10, 2020 4:08p
P/E Ratio
16.81
Dividend Yield
4.32%
Market Cap
HK$82.75 billion
Rev. per Employee
HK$1.78M
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/zigman2/quotes/200716015/delayed
HK : Hong Kong
HK$ 17.60
+0.66 +3.90%
Volume: 180.71M
July 10, 2020 4:08p
P/E Ratio
17.39
Dividend Yield
1.42%
Market Cap
HK$166.23 billion
Rev. per Employee
HK$3.04M
loading...
/zigman2/quotes/202884203/delayed
HK : Hong Kong
HK$ 50.70
-0.85 -1.65%
Volume: 13.94M
July 10, 2020 4:08p
P/E Ratio
16.90
Dividend Yield
1.79%
Market Cap
HK$223.48 billion
Rev. per Employee
HK$1.44M
loading...
/zigman2/quotes/200973447/delayed
HK : Hong Kong
HK$ 13.28
+0.02 +0.15%
Volume: 17.00M
July 10, 2020 4:08p
P/E Ratio
13.64
Dividend Yield
3.39%
Market Cap
HK$68.91 billion
Rev. per Employee
HK$3.23M
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 383.68
+0.95 +0.25%
Volume: 22.54M
July 10, 2020 4:00p
P/E Ratio
30.08
Dividend Yield
0.85%
Market Cap
$1658.88 billion
Rev. per Employee
$1.98M
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/zigman2/quotes/204111604/delayed
TW : Taiwan
NT$ 57.10
-0.90 -1.55%
Volume: 3.10M
July 10, 2020 1:30p
P/E Ratio
11.86
Dividend Yield
4.38%
Market Cap
NT$82.04 billion
Rev. per Employee
NT$888.52M
loading...
/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 348.50
+3.50 +1.01%
Volume: 60.90M
July 10, 2020 1:30p
P/E Ratio
22.54
Dividend Yield
2.87%
Market Cap
NT$8945.98 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210444196/delayed
TW : Taiwan
NT$ 4,010.00
-420.00 -9.48%
Volume: 2.84M
July 10, 2020 1:30p
P/E Ratio
18.11
Dividend Yield
1.97%
Market Cap
NT$594.24 billion
Rev. per Employee
N/A
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,150.25
-17.65 -0.81%
Volume: 886,987
July 10, 2020 3:32p
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
52,700.00
-100.00 -0.19%
Volume: 13.71M
July 10, 2020 3:30p
P/E Ratio
16.82
Dividend Yield
2.69%
Market Cap
₩353468.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
82,800.00
-200.00 -0.24%
Volume: 2.20M
July 10, 2020 3:30p
P/E Ratio
36.34
Dividend Yield
1.21%
Market Cap
₩56772.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,652.65
-16.84 -0.63%
Volume: 0.00
July 9, 2020 5:20p
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,591.84
+8.59 +0.54%
Volume: 0.00
July 10, 2020 5:05p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
5,031.26
-21.54 -0.43%
Volume: 0.00
July 10, 2020 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,919.20
-36.30 -0.61%
Volume: 565,369
July 10, 2020 5:10p
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/zigman2/quotes/204702973/delayed
AU : Australia: Sydney
$ 3.00
-0.13 -4.15%
Volume: 11.60M
July 10, 2020 4:10p
P/E Ratio
10.22
Dividend Yield
4.71%
Market Cap
$6.50 billion
Rev. per Employee
$1.46M
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 18.30
-0.19 -1.03%
Volume: 4.65M
July 10, 2020 4:10p
P/E Ratio
12.52
Dividend Yield
11.93%
Market Cap
$52.35 billion
Rev. per Employee
$908,476
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/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,394.86
-46.02 -0.40%
Volume: 0.00
July 10, 2020 5:00p
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