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March 29, 2019, 8:23 a.m. EDT

Shanghai Composite leads Asia stocks higher after U.S., China resume trade talks

China stocks see best quarter gain since end 2014

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By Associated Press and Marketwatch


Reuters
China's Vice Premier Liu He talks with U.S. Treasury Secretary Steven Mnuchin, right, and U.S. Trade Representative Robert Lighthizer on Friday in Beijing.

Asian markets rose Friday, as investors took a positive read on trade talks between U.S. and Chinese officials in Beijing.

The Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.95%   closed up nearly 3.2%, climbing 23.9% for the first quarter, its best quarterly percentage gain since the fourth quarter of 2014, according to Dow Jones Market Data. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -1.84%  finished up 0.9% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.81%   gained 0.6%.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.06%   rose 0.8% and finished the quarter with a gain of 5.9%, its best quarterly gain since the third quarter of 2018. The country’s retail sales fell slightly in February from a month earlier, preliminary data showed. But industrial production rose 1.4%, as compared to January’s 3.4% decline. The unemployment rate beat market expectations, falling to 2.3% in February from 2.5% in the previous month.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%  finished flat, while shares in Taiwan  gained 0.9% and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.63% rose 0.5%.

Among individual stocks, SoftBank /zigman2/quotes/207303954/delayed JP:9984 -0.38%   and Rakuten /zigman2/quotes/201861450/delayed JP:4755 -1.59%  gained in Tokyo trading, and China Life Insurance /zigman2/quotes/202359856/delayed HK:2628 -6.70%   and CNOOC /zigman2/quotes/203421416/delayed HK:883 -1.48% advanced in Hong Kong. Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.19%   slipped in Korea, while BHP /zigman2/quotes/201448516/delayed AU:BHP -0.74%   and Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -0.69%   rose in Australia.

U.S. negotiators, led by Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, attended a working dinner Thursday night with Chinese Vice Premier Liu He, who is expected to travel to Washington next week.

The three of them posed for a photo at a government guesthouse before negotiations resumed on Friday. Later in the day, Mnuchin tweeted out that he had “concluded constructive trade talks.”

News about the talks was read as largely positive by the markets. At a speech in Washington on Thursday, White House economic adviser Larry Kudlow said the U.S. administration was prepared to continue trade negotiations with China for weeks or even months. This was taken as a sign of commitment to reaching a deal.

On Wall Street, traders shrugged off a discouraging announcement by the Commerce Department. It said U.S. economic growth had slowed sharply in the last three months of 2018 to an annual rate of just 2.2%, due to weakness in consumer spending, business investment, government spending and housing.

Most indexes finished higher, as bond yields rose and financial, technology and industrial stocks climbed. The broad S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.05%   was 0.4% higher at 2,815.44. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.44%   also gained 0.4% to 25,717.46. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.66%   rose 0.3% to 7,669.17. Stock futures pointed to more gains on Wall Street Friday.

Benchmark U.S. crude   jumped $1.15 to $60.46 per barrel in electronic trading on the New York Mercantile Exchange. It lost 11 cents to settle at $59.30 per barrel on Thursday. Brent crude  , used to price international oils, rose 90 cents to $67.99 per barrel. The contract shed 14 cents to $67.10 per barrel in London.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0009%   strengthened to 110.74 yen from 110.63 yen.

/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/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/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/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/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/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/207303954/delayed
JP : Japan: Tokyo
¥ 6,267.00
-24.00 -0.38%
Volume: 30.11M
July 10, 2020 3:00p
P/E Ratio
42.05
Dividend Yield
0.70%
Market Cap
¥12960.13 billion
Rev. per Employee
¥126.96M
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/zigman2/quotes/201861450/delayed
JP : Japan: Tokyo
¥ 988.00
-16.00 -1.59%
Volume: 6.83M
July 10, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.46%
Market Cap
¥1339.98 billion
Rev. per Employee
¥74.20M
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/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 19.50
-1.40 -6.70%
Volume: 124.37M
July 10, 2020 4:08p
P/E Ratio
8.29
Dividend Yield
4.10%
Market Cap
HK$1087.36 billion
Rev. per Employee
HK$7.60M
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.67
-0.13 -1.48%
Volume: 88.93M
July 10, 2020 4:08p
P/E Ratio
5.59
Dividend Yield
9.00%
Market Cap
HK$387.09 billion
Rev. per Employee
HK$13.96M
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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
₩353077.53 billion
Rev. per Employee
N/A
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/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 36.19
-0.27 -0.74%
Volume: 3.73M
July 10, 2020 4:10p
P/E Ratio
13.54
Dividend Yield
5.89%
Market Cap
$170.54 billion
Rev. per Employee
N/A
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.99
-0.68 -0.69%
Volume: 1.08M
July 10, 2020 4:10p
P/E Ratio
13.97
Dividend Yield
6.71%
Market Cap
$140.91 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,185.04
+32.99 +1.05%
Volume: 2.41B
July 10, 2020 5:09p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,075.30
+369.21 +1.44%
Volume: 337.36M
July 10, 2020 5:09p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,617.44
+69.69 +0.66%
Volume: 3.19M
July 10, 2020 5:16p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9200
-0.0010 -0.0009%
Volume: 0.0000
July 10, 2020 4:59p
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