Asian markets rise on relief over partial U.S.-China trade deal – MarketWatch


Asian markets gained in early trading Monday as investors were heartened by Friday’s announcement of a partial trade deal between the U.S. and China.

President Donald Trump in Friday announced a “very substantial phase one deal” that included intellectual-property protections and the Chinese purchase of U.S. agricultural products. There were also reports that tariff hikes against $250 billion of Chinese goods, set to kick in this week, would be put off.

Some analysts were dubious, though. “Hardly the signs of a significant breakthrough,” Jeffrey Halley, senior Asia-Pacific market analyst for Oanda, wrote in a note Sunday. “Both sides appear to have taken small wins that suited them both in the here and now, kicking the significant issues down the road.”

Hong Kong’s Hang Seng Index

HSI, +0.81%

  rose 1.1%, while the Shanghai

SHCOMP, +1.15%

 gained 1.5% and the smaller-cap Shenzhen Composite

399106, +1.43%

  advanced 1.5%, despite data that China’s exports fell in September, in yuan terms, reversing an August gain. South Korea’s Kospi

180721, +1.11%

  rose 1.3%, while benchmark indexes in Taiwan

Y9999, +1.63%

 , Singapore

STI, +0.32%

  and Indonesia

JAKIDX, +0.18%

  all gained. Australia’s S&P/ASX 200

XJO, +0.54%

  advanced 0.6%. Japan’s Nikkei was closed for a holiday.

U.S. bond markets will be closed for the Columbus Day holiday Monday, but stock markets will be open.

Among individual stocks, casino operator Galaxy Entertainment

27, +4.27%

  surged in Hong Kong, while food processor WH Group

288, +4.32%

  and HSBC

5, +1.70%

  also gained. Samsung

005930, +1.73%

  and chip maker SK Hynix

000660, +0.63%

  rose in South Korea. Mining giants BHP

BHP, +1.98%

  and Rio Tinto

RIO, +2.16%

  were up in Australia.

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