In recent times, stocks in Asia were higher as shareholders looked for further progress on the U.S.-China trade. Chinese stocks advanced from a previous slip to rise, with the Shanghai Composite surging by 0.58% and the Shenzhen Composite recovering by 0.708%. The Shenzhen Component also jumped by 0.76%. The Hang Seng index in Hong Kong rose by 1.11% since shares of Chinese technology juggernaut Tencent climbed by 2.06%. The moves came in the middle of the ongoing chaos in Hong Kong, as the beleaguered city persists to be shaken by a civil conflict that has now lasted for a few months.
The police in Hong Kong warned live bullets might get fired, as tensions intensified in a confrontation with demonstrators, Reuters reported. Elsewhere, Japan’s Nikkei 225 index climbed 0.32% whilst the Topix index was trading slightly higher. The shares of Z Holdings—previously known as Yahoo Japan—and Line surged by 1% and 2% correspondingly. The moves came since Softbank Corp. declared plans to unite Z holdings—its subsidiary—with Naver’s Line. On the other hand, Kospi in South Korea slipped by 0.34%. The shares in Australia also slipped lower, with the S&P/ASX 200 declining by 0.61%.
On a similar note, Yuan inched lower in the midst of uncertainty from the U.S.-Sino trade agreement. China’s yuan slipped against the dollar, as shareholders remained vigilant over whether the U.S. and China will approve a preliminary trade deal to call a stop their damaging trade war. Chinese news agency Xinhua reported that China and the U.S. had “constructive discussions” on trade in a high-profile phone call, but it provided no further details. Before the market opening, the PBOC (People’s Bank of China) fixed the midpoint rate at 7.0037 per dollar, or 0.08% stronger than the earlier fix of 7.0091.
Joseph Masterson holds 7 years of a strong presence in the Business sphere. This experience offers him the knowledge and power to analyze each and every minute activity in the Business sector very well. He holds an MBA in Finance Degree and is a well-known personality in this domain. He works as the Head of the Business Section at The Industry Magazine from the last 5 years and is associated with The Industry Magazine news portal from the last 6 years. Besides writing news on any topic from the Business domain, Joseph is an expert in explaining the news related to mergers and acquisitions.