Asian Mkts Advance As Investors Await Progress In China-US Talks

Hong Kong: Asian shares advanced Monday after two days of trade talks between China and the US made what the US side said was “substantial progress.” US futures and oil prices advanced. Officials said a joint statement would be issued later Monday following the trade talks in Geneva over the weekend. Investors are also watching for developments in other flashpoints including clashes between India and Pakistan, the war in Ukraine and conflict in the Middle East.

India's Sensex jumped about 2.5 per cent after it and Pakistan agreed to a truce after talks to defuse their most serious military confrontation in decades. The two armies have exchanged gunfire, artillery strikes, missiles and drones that killed dozens of people. In Hong Kong, the Hang Seng gave up early gains to trade up 0.6 per cent at 23,009.64, while the Shanghai Composite Index picked up 0.4 per cent to 3,355.54.

Chinese EV battery maker CATL, or Contemporary Amperex Technology Co, Ltd., said in a prospectus filed with the Hong Kong Stock Exchange that it plans to raise nearly $4 billion in a share listing. US Treasury Secretary Scott Bessent said there was “substantial progress” in the weekend trade talks but offered scant information on exactly what the negotiations entailed. Separarely, Chinese Vice Premier He Lifeng said both sides had agreed to “establishing a consultation mechanism” for further discussions on trade and economic issues.

Elsewhere in Asia, Japan's Nikkei 225 added less than 0.1 per cent to 37,519.80, while the Kospi in Seoul gained 0.5 per cent to 2589.30. Australia's S&P/ASX 200 climbed 0.2 per cent to 8,249.70. Taiwan's Taiex gained 0.9 per cent.

On Friday, US stocks drifted, with the S&P 500 edging 0.1 per cent lower to 5,659.91. It finished the week with a modest dip of 0.5 per cent.