United States (US) President Donald Trump said he expects to reach a fair trade deal with Chinese President Xi Jinping and downplayed risks of a clash over the issue of Taiwan.
Trade tensions between the US and China have weighed on the markets in recent weeks, with investor focus now on Trump’s planned meeting with Xi on the sidelines of an economic conference in South Korea next week.
The lingering hope that a resolution could be on the cards lifted investor sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan hit an over four-and-half-year high and was last up 0.94%. China stocks rose 0.2% while Hong Kong’s Hang Seng was 1% higher in early trading.
Australian shares surged as investors snapped up rare earths and critical minerals stocks after the country signed a supply deal with the US.
Japan’s Nikkei rose to a record peak and was on the cusp of hitting a landmark 50 000 points as the so-called ‘Takaichi trade’ showed no signs of stopping. A parliamentary vote confirmed Takaichi as the nation’s next prime minister.
–Reuters–
