Asian Mkts Climb Higher On Hopes Of Trade War De-Escalation

Hong Kong: Asian markets advanced Friday after China’s Commerce Ministry said Beijing is evaluating overtures from the US regarding President Donald Trump’s tariffs. Futures and oil prices advanced.

Hong Kong’s Hang Seng surged 1.7 per cent to 22,493.96, while markets in Shanghai were closed for a public holiday. Taiwan’s benchmark jumped 2.2 per cent.

An unnamed Chinese Commerce Ministry spokesperson was cited as saying that Beijing had taken note of various statements by senior US officials indicating a willingness to negotiate over tariffs. “At the same time, the US has recently taken the initiative to convey information to the Chinese side on a number of occasions through relevant parties, hoping to talk with the Chinese side. In this regard, the Chinese side is making an assessment,” it said.

Tokyo’s Nikkei 225 picked up 1.1 per cent to 36,844.97, while South Korea’s Kospi rose 0.4 per cent to 2,565.89. Australia’s S&P/ASX 200 added 1.1 per cent to 8,231.60. Microsoft and Meta Platforms led Wall Street higher Thursday after the Big Tech companies reported profits for the start of the year that were even bigger than analysts expected.

The S&P 500 rose 0.6 per cent for an eighth straight gain to 5,604.14, its longest winning streak since August. The Dow Jones Industrial Average added 0.2 per cent to 40,752.96, and the Nasdaq composite climbed 1.5 per cent to 17,710.74. Microsoft rallied 7.6 per cent after the software giant said strength in its cloud computing and artificial intelligence businesses drove its overall revenue up 13 per cent from a year earlier. Meta, the parent company of Facebook and Instagram, also topped analysts’ targets for revenue and profit in the latest quarter.