mcloudyn.png
Sunday July 21st, 2019 12:55AM

Asian stocks rise as Chinese trade data beats expectations

By The Associated Press
Related Articles
  Contact Editor

SINGAPORE (AP) — Asian financial markets advanced Monday after China released better-than-expected trade data for May, though worries remain over trade negotiations between Washington and Beijing.

Reopening after a market holiday, Hong Kong's Hang Seng picked up 2.2% to 27,559.86 and the Shanghai Composite index was 0.8% higher at 2,849.22. Japan's Nikkei 225 advanced 1.2% to 21,134.42, while the Kospi in South Korea rose 1.3% to 2,099.49. Shares rose in Taiwan and throughout Southeast Asia. Australian markets were closed.

China announced Monday that its trade surplus surged 78% to $41.7 billion in May. Its exports grew 1.1% in May from a year earlier, trouncing expectations of a 3.8% decline by analysts polled by FactSet. The country's imports slid 8.5% from a year earlier, a far softer performance than predicted by analysts. Investors had expected both indicators to shrink given softening external conditions.

This solidified gains in Asia. Stocks rose early Monday on news that U.S. President Donald Trump had suspended plans to impose tariffs on Mexico after the two countries arrived at an agreement on immigration.

The agreement with Mexico "appears to be a lower hanging fruit for the Trump administration," Jingyi Pan of IG said in a commentary.

"The U.S.-China trade conflict meanwhile reckoned to remain an ongoing concern that looks have been caught in stalemate," she added.

Over the weekend, financial leaders of the Group of 20 major economies met in Fukuoka, Japan, and pledged to protect global growth. They said in a joint communique that risks from trade and geopolitical tensions were "intensifying."

The communique didn't single out the tariffs battle between the U.S. and China, but leaders signaled separately that it was the No. 1 concern.

U.S. Treasury Secretary Steven Mnuchin met China's central bank Gov. Yi Gang on the sidelines of the same gathering on Sunday. The two countries have concluded 11 rounds of trade talks with no agreement.

Mnuchin said on Twitter that the meeting was constructive and they had "candid discussion on trade issues." He did not give further details.

On Friday, U.S. stocks capped off their best week since late November and reversed most of their losses in May. Traders took a lackluster jobs report as good news, as it was seen as increasing the odds of the Federal Reserve cutting interest rates in the coming months.

The benchmark S&P 500 index rebounded 1.1% to 2,873.34 and the Dow Jones Industrial Average gained 1% to 25,983.94. The Nasdaq composite climbed 1.7% to 7,742.10. The Russell 2000 index of smaller company stocks rose 0.7% to 1,514.39.

ENERGY: Benchmark U.S. crude gained 29 cents to $54.28 per barrel. The contract advanced $1.40 to $53.99 per barrel on Friday. Brent crude oil, the international standard, also added 29 cents to $63.58 a barrel. It added $1.62 to $63.29 per barrel in the previous session.

CURRENCIES: The dollar rose to 108.63 Japanese yen from 108.17 yen late Friday. The euro weakened to $1.1312 from $1.1335.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: 'Hadestown' wins Tony Award for best new musical
The Latest: 'Hadestown' wins Tony Award for best new musical
11:34PM ( 29 minutes ago )
Bruins force Stanley Cup Game 7 with 5-1 win over Blues
Rask helps Boston Bruins force Game 7 with 5-1 win over St. Louis Blues
11:29PM ( 35 minutes ago )
Hendricks masters Cardinals again in Cubs' 5-1 win
Kyle Hendricks tossed one-run ball over seven innings to continue his dominance over St. Louis, lifting the Chicago Cubs to a 5-1 win over the Cardinals
11:27PM ( 36 minutes ago )
Associated Press (AP)
California lawmakers agree to health benefits for immigrants
California will become the first state to pay for some adults living in the country illegally to have full health benefits as the solidly liberal bastion continues to distance itself from President Donald Trump's administration
10:56PM ( 1 hour ago )
Protesters burn tires, block roads in Haiti, at least 1 dead
Thousands of protesters denouncing corruption have paralyzed much of the Haitian capital as they demand the removal of President Jovenel Moise
7:31PM ( 4 hours ago )
Cruise line says search for passenger in Mediterranean ended
Norwegian Cruise Line says search for missing passenger called off day after Korean woman went overboard while ship was on Mediterranean Sea voyage
5:32PM ( 6 hours ago )
AP Business
Strong job market hampers FEMA hiring in flood-hit states
The Federal Emergency Management Agency is facing an unexpected challenge in meeting the needs of the many people affected by this spring's widespread flooding and violent storms: a strong economy
10:57AM ( 13 hours ago )
China may restrict tech access in spiraling US trade dispute
Chinese state media say the government will create a system to protect China's technology in a spiraling trade dispute with the US
8:21AM ( 15 hours ago )
G-20 finance officials pledge to protect global growth
Finance ministers and central bank chiefs from the Group of 20 major economies have wrapped up a meeting in Japan with a pledge to use all the policies they can to protect global growth
8:07AM ( 15 hours ago )
AP Business - Economy
Norway mediation effort in Venezuela's crisis slows
Venezuelan leader Juan Guaidó said Friday that the opposition's demand for presidential elections is not negotiable, slowing mediation efforts by Norway aimed at resolving Venezuela's political crisis
6:07PM ( 2 days ago )
US stock market notches best week since late November
Wall Street turned the page on a painful May in the stock market by notching its best week since late November
4:54PM ( 2 days ago )
Markets Right Now: Stocks rise as rate cut looks more likely
Stocks are closing higher Friday as a lackluster report on hiring increases the odds the Federal Reserve will cut interest rates in the coming months.
4:13PM ( 2 days ago )
AP Business - Financial Markets
The Latest: 'Hadestown' wins Tony Award for best new musical
The Latest: 'Hadestown' wins Tony Award for best new musical
11:34PM ( 29 minutes ago )
Bruins force Stanley Cup Game 7 with 5-1 win over Blues
Rask helps Boston Bruins force Game 7 with 5-1 win over St. Louis Blues
11:29PM ( 35 minutes ago )
Hendricks masters Cardinals again in Cubs' 5-1 win
Kyle Hendricks tossed one-run ball over seven innings to continue his dominance over St. Louis, lifting the Chicago Cubs to a 5-1 win over the Cardinals
11:27PM ( 37 minutes ago )
'Hadestown' captures 8 Tony Awards, including best musical
'Hadestown' wins 8 Tony Awards on a night when women were celebrated and Ali Stroker made history as the first actor in a wheelchair to win a Tony Award
11:27PM ( 37 minutes ago )
Trump still hangs tariff threat over Mexico despite deal
President Donald Trump says he may renew his tariff threat against Mexico if the U.S. ally doesn't cooperate on border issues
11:22PM ( 41 minutes ago )