Asian stocks open mostly higher as week wraps up

2019-11-08 11:09:43 GMT (
Asian stocks open mostly higher as week wraps up

The major Asian stocks indices opened mixed but mostly higher on Friday, as the Japanese, Chinese and New Zealand stocks were rose, while the Australian stocks, Hong Kong's Hang Seng and the South Korean Kospi index fell, after the release of several key data, as the markets parse the recent commentary by officials from the US and China about the trade deal next month which will include the elimination of tariffs on each other's goods.


The Japanese economy released its annual reading of the Household Spending Index, which showed a growth to 9.5% vs. 1% in August, higher than forecasts of 7.1%, with annual average wages index rising by 0.8% vs. a decline by 0.1% in August, beating forecasts of 0.1%. 


The Reserve Bank of Australia decided on its November 5th meeting on Tuesday to keep the short-term interest rate at 0.75%, its all-time low, with the release of Home Loans index reading which declined to 1.4% vs. 2.7% in August, and lower than forecasts of 2.1%.


The General Administration of Customs of China (CGAC) revealed the Trade Balance reading which showed the surplus widened to 301 billion yuan ($42.8 billion) vs. 275 billion yuan ($39.7 billion) in September, higher than forecasts of a surplus to 287 billion yuan ($40.6 billion), but both the exports and imports contracted more than expected.


The Chinese Ministry of Commerce spokesman, Gao Feng, stated on Thursday that Beijing and Washington agreed to cancel some tariffs based on each other's goods at the same time, and added that the two sides are close achieve "Phase 1" agreement within in the next two weeks.


According to a Reuters report, a US official also confirmed that the US and China have agreed to eliminate tariffs, and added that the plan faces opposition in the White House, hours after Tuesday's reports about the delay of signing the first phase of the trade agreement to next month.


Several reports recently showed the upcoming meeting between President Trump and Chinese leader Xi Jinping may get delayed until next December, amid intensive calls between the two countries reviewing the final terms of the deal and the meeting location, with various proposal for signing the deal during the next NATO meeting early next month.


The Japanese stocks were higher today, as Topix rose by 0.16% or 2.80 points to 1,700.93, and Nikkei 225 rose by 0.19% or 44.77 points to 23,375.09.


The Chinese stocks also rose during the sessions, as the CSI 300 index rose by 0.42% or 16.82 points to 4,008.70, and the Shanghai Composite index rose by 0.35% or 10.53 points to 2,989.24.


Hong Kong's Hang Seng Index fell by 0.44% or 121.19 points to 27,726.04, and South Korea's Kospi fell by 0.25% or 5.27 points to 2,139.02.


To New Zealand's NZX 50, which rose by 0.76% or 81.92 points to 10,876.98, while the Australian S&P/ASX 200 fell by 0.24% or 16.13 points to 6,710.50.

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