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Hong Kong stocks jump to Trump tweets on China's ZTE



HONG KONG – Asian equities were mostly higher on Monday after Hong Kong's stock swelled after President Donald Trump attempted to help a sanctioned Chinese tech giant, signaling a possible improvement in the US-China relationship.

KEEPING SCORE: Japan's benchmark Nikkei 225 surged 0.2 percent to 22,802.49, while South Korea's Kospi declined 0.1 percent to 2,476.33. The Hong Kong Hang Seng rose 1.4 percent to 31,559.37 and the Shanghai Composite in China 0.4 percent to 3,175.56. The Australian S & P / ASX 200 rose 0.2 percent to 6,129.00. Taiwan's stocks rose, but Southeast Asian indices were lower, including Malaysian stocks resuming trading last week's election. The FTSE Bursa Malaysia KLCI benchmark fell 0.3 percent to 1,843.72 in early trading.

TRUMP ON CHINA: In a surprise overture to Beijing, Trump tweeted that he wanted to help Chinese smartphone and telecom equipment manufacturer ZTE "get back to business quickly" The company's Hong Kong-traded shares have been suspended since the US Authorities banned it for seven years last month for importing US components because it was illegal exports to North Korea and Iran and its stock. The news helped other Chinese technology stocks in Hong Kong such as the Internet company Tencent and the computer manufacturer Lenovo. It was also seen as a good sign ahead of another round of trade talks between the two countries, during which China's leading business consultant Liu He travels to the US this week.

ANALYST VIEW: "It suggests that despite all the initial The current government is ready to take a pragmatic look at decisions," said Robert Carnell, chief economist at ING, in a commentary. "This gives rise to further trade talks in the coming months, in which China Liu He visits Washington this week.

MALAYSICAL MARKETS: Asian investors are also focusing on the financial markets in Malaysia, which are reopening after a public holiday following the unexpected election victory Mahathir, a 92-year-old prime minister for 22 years until 2003, appointed finance, home affairs, and defense ministers over the weekend.

WALL STREET: Big US benchmarks were higher on Friday The Dow Jones Industrial Average rose 0.4 percent to 24,831.17, with the S & P 500 index up 0.2 percent to 2,727.72 and the best weekly gain of 2.4 percent since the beginning of March Nasdaq composite fell less than 0.1 percent to 7,402.88.

ENERGY: Oil futures declined, benchmark US crude lost in electronic trading on the New York Mercantile Exchange 23 cents to $ 70.47 a barrel. The contract fell 66 cents on Friday to $ 70.70 a barrel. Brent crude, which was used for international oil prices, lost 35 cents and closed at $ 76.77.

CURRENCIES: The dollar fell from 109.36 yen to 109.30 yen on Friday. The euro rose from 1.1942 to 1.1968 USD.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, transmitted, rewritten or redistributed.


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