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Friday November 27th, 2020 11:28AM

Asian stocks rise on reports US, China close to trade deal

By The Associated Press
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BEIJING (AP) — Asian stocks rose Monday after news reports said Washington and Beijing are close to reaching an agreement as early as this month to end their costly tariff war.

Benchmarks in Shanghai, Tokyo and Sydney advanced after Bloomberg News and The Wall Street Journal, citing unidentified sources, said China was offering to ease tariffs and other restrictions on U.S. farm, chemical, auto and other products. They said Washington would remove most sanctions on Chinese imports.

A deal might be completed in time to be signed by Presidents Donald Trump and Xi Jinping this month, the reports said. But they cautioned the two sides still were negotiating on the issue that sparked the dispute: Chinese plans for state-led creation of global technology competitors that Washington, Europe and other trading partners say violate Beijing's market-opening obligations.

The battle between the two biggest global economies has rattled global financial markets for months. Investors worry it will weigh on global economic growth that already is showing signs of slowing.

"Speculation that both the U.S. and China are close to signing a deal will keep market players slightly upbeat," Nicholas Mapa and Prakash Sakpal of ING said in a report.

The Shanghai Composite Index rose 3 percent to a nine-month high of 3,083.44. Tokyo's Nikkei 225 added 1.0 percent to 21,822.04.

Hong Kong's Hang Seng advanced 0.7 percent to 29,012.17 and Seoul's Kospi lost 0.2 percent to 2,190.66. Sydney's S&P-ASX gained 0.4 percent to 6,218.90.

New Zealand and Singapore advanced while Taiwan retreated. Indian markets were closed for a holiday.

Investors are watching this week's session of China's ceremonial national legislature for announcements of policy on currency, trade, industrial development and possible economic stimulus.

The legislature is due to endorse a law that would address one portion of foreign complaints about Beijing's regulation system by discouraging officials from pressuring companies to hand over technology.

Forecasters expect an official 2019 growth target of 6 percent to be announced. Few major changes are expected, but economists expect more government spending to shore up cooling growth.

WALL STREET: Health care and technology companies helped lift U.S. stocks, breaking a three-day losing streak for the Standard & Poor's 500 index and giving the benchmark index its fifth straight weekly gain. The S&P 500 climbed 0.7 percent to 2,803.69. The Dow Jones Industrial Average rose 0.4 percent to 26,026.32. The Nasdaq composite gained 0.8 percent to 7,595.35.

ENERGY: Benchmark U.S. crude gained 10 cents to $55.90 per barrel in electronics trading on the New York Mercantile Exchange. The contract fell $1.40 on Friday to $55.80. Brent crude, used to price international oils, added 15 cents to $65.22 per barrel in London. It lost $1.24 the previous session to $65.07.

CURRENCY: The dollar rose to 111.94 yen from Friday's 111.92 yen. The euro weakened to $1.1364 from $1.1411.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
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