Asia grows on the prospects of US / China trade negotiations

Asian markets were broadly higher on Monday as traders looked forward to the continuation of trade talks between Chinese and American officials in Washington this week. South Korea’s Kospi jumped 0.7% and the Shanghai Composite index rose 1.6%. Hong Kong’s Hang Seng was 1.7% higher. Australia’s S&P/ASX 200 added 0.4%. Japan’s benchmark Nikkei 225 advanced 1.8%. The country said its core machinery orders dropped 0.1% in December from the previous month, beating forecasts of a 1.1% decline. Shares rose in Taiwan Y9999, +0.80% and throughout Southeast Asia.

After the markets closed on Friday, China and the U.S. announced plans to resume trade negotiations in Washington, fueling hopes that both countries were edging toward a deal. “We feel we have made headway on very, very important and difficult issues,” U.S. Trade Representative Robert Lighthizer said, in a meeting with Chinese President Xi Jinping. Xi expressed hope for “a mutually beneficial and win-win agreement,” according to the official Xinhua News Agency. Negotiators had just wrapped up two days of talks in Beijing. Investors were worried about progress on thorny issues like Washington’s unhappiness over Chinese technology and trade policies.

U.S. crude added 28 cents to $55.87 per barrel in electronic trading on the New York Mercantile Exchange. It added $1.18 to settle at $55.59 per barrel in New York on Friday. Brent crude used to price international oils, shed 2 cents to $66.23 per barrel. It picked up $1.68 to $66.25 per barrel in London.

Asian markets kick higher on renewed U.S.-China trade hopes, MarketWatch, Feb 18