Asia Leaps Amid Positive Trade Developments

Stocks in Asia rose on Wednesday following positive developments overnight on the U.S.-China trade front.

In Japan, the Nikkei 225 leaped 361.16 points, or 1.7%, to 21,337.87, as shares of conglomerate Softbank Group soared 4.03%. Apple supplier Japan Display saw its stock surge 10.91% following a Wall Street Journal article that said Apple may help the display maker.

Data on Wednesday, however, showed Japan’s exports declined 7.8% in May from a year earlier, down for the sixth straight month.

The Japanese yen traded at 108.27 against the U.S. dollar after a volatile session on Tuesday which saw it swinging between levels below 108.2 and above 108.6.

In Hong Kong, the Hang Seng index popped 703.37 points, or 2.6%, to 28,202.14, with shares of life insurer AIA surging more than 3.5%.

Korean stocks rose sharply, with shares of industry heavyweight Samsung Electronics jumping 2.3%, and chipmaker SK Hynix advancing 6%

In Australia, the materials sub-index rose 1.51% as mining shares advanced: Rio Tinto gained 1.9%, Fortescue Metals Group jumped 2.8% and BHP added 2%.

The Australian dollar was at $0.6877 U.S. after rising from levels below $0.685 yesterday.


In Shanghai, the CSI 300 gained 48.32 points, or 1.3%, to 3,715.94

That jump in U.S. markets came after U.S. President Donald Trump said in a tweet he "had a very good telephone conversation" with Chinese President Xi Jinping. He added: "We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting." The summit will start on June 28.

The offshore Chinese yuan saw strong gains against the greenback following Trump’s comments, it last traded at 6.9067 after seeing levels above 6.93 yesterday, while its onshore counterpart changed hands at 6.9047.

In other markets

In Korea, the Kospi index added 26.07 points, or 1.2%, to 2,124.78

In Singapore, the Straits Times Index jumped 49.44 points, or 1.5%, to 3,288.17

In Taiwan, the Taiex Index hiked 208.6 points, or 2%, to 10,775.34

In New Zealand, the NZX 50 spiked 113.5 points, or 1.1%, to 10,304.83

In Australia, the ASX 200 picked up 78.13 points, or 1.2%, to 6,648.13