Asian stocks open mostly higher on trade talks hopes

2019-08-14 10:21:09 GMT (
Asian stocks open mostly higher on trade talks hopes

Asian stocks opened with mixed performance today, with Japanese, Chinese, Hong Kong's Hang Seng and South Korea Kospi rising, while the Australian and New Zealand's stocks fell, on economic data releases by the Australia and China.


Following Trump's delay of the 10% tariffs increase decision on Chinese imports until December 15 instead of September 1st, Trump stated that communications with the Chinese side have been constructive and the decision is due to the holiday season because the tariffs have an impact on shopping.


Adding that China wants to make progress in the trade talks and intends to buy more US products, noting that the situation in Hong Kong is very difficult but can be solved, saying that many countries are manipulating their currencies, Trump also demanded Japanese Prime Minister Shinzō Abe to buy more US agricultural products.


On the other hand, the Australian economy released the Westpac consumer sentiment reading, rising by 3.6% 100.0 vs. 4.1% decline to 96.5 in July, before the release of the wage price index q/q which rose by 0.6% vs last quarter and forecasts of 0.5%, with the annual reading of the same index which stabilized at 2.3% as expected.


China also released its reading for the retail sales y/y, which slowed to 7.6% from 9.8% in June, lower than forecasts of 8.6%, the industrial production y/y reading rose by 4.8% vs. 6.3%, lower than forecasts of 6.0%, while unemployment rose to 5.3% vs. 5.1% in June.


The Japanese stocks rose today, with Topix rising by 0.52% or 7.66 points to 1,494.23, and Nikkei 225 rose by 0.63% or 129.46 points to 20,584.90.


Chinese stocks also rose, with CSI 300 rising by 0.81% or 29.64 points to 3,695.39, the Shanghai Composite index rose by 0.74% or 20.75 points to 2,818.01.


Hong Kong's Hang Seng rose by 0.62% or 156.41 points to 25,437.71, and the South Korean Kospi rose by 0.75% or 14.44 points to 1,940.27.


Otherwise, New Zealand's NZX 50 fell by 0.16% or 17.13 points to 10,837.64, and the Australian S&P/ASX 200 fell by 0.12% or 7.64 points to 6,560.90.

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