Asia mostly up on new trade developments

Asia markets largely advanced on Friday, following a strong lead in from Wall Street and positive news on the U.S.-China trade front.

In Japan, the Nikkei 225 regained 78.74 points, or 0.4%, to end the week at 22,270.38. Most major sectors in Japan rose, with the shipping sector leading the way — closing up by 2.4%.

Against the yen, the U.S. dollar traded at 110.72, after the safe haven Japanese currency traded above the 111 level earlier in the day.

In Hong Kong, the Hang Seng recovered 113.35 points, or 0.4%, to 27,213.41, with the most sectors in mixed territory. Also in focus was Tencent, which had seen its shares slide earlier in the week following a string of negative news. The Chinese tech giant's stock was up 3% in afternoon trade.

Korean markets rose, with the tech industry and the auto sector mostly down. Major auto manufacturer Kia Motors fell 0.9% by the end of the day.

Australia markets closed up, though ortescue Metals ended the trading day down 1.2%


In Shanghai, the CSI 300 lost 47.11 points, or 1.4%, to 3,229.62. Fosun Pharmaceuticals was among those taking the largest hit, closing the day down by 6.7%.

The moves come after a Thursday rebound in U.S. markets, with a string of positive news ranging from strong corporate earnings to reports of a revival in U.S.-China trade talks all boosting investor sentiment.

In Shenzhen, Changsheng Biotechnology, which is part of an ongoing prosecution by the Chinese government for a scandal over the falsification of data in its vaccines, ended the trading session 5% lower, with Dow Jones reporting that the stock could see a possible de-listing.

White House economic advisor Larry Kudlow confirmed to the media earlier reports saying China and the U.S. will hold a fresh round of trade talks later in August, giving investors hope that the world's two largest economies can solve an ongoing trade spat.

In other markets

In Korea, the Kospi index rebuilt 6.25 points, or 0.3%, to 2,247.05

In Singapore, the Straits Times STI index doffed 2.49 points, or 0.1%, to 3,209.44

In Taiwan, the Taiex index eked up 7.06 points, or 0.1%, to 10,690.96

In New Zealand, the NZX 50 gained 53.86 points, or 0.6%, to 9,052.77

In Australia, the ASX 200 added 10.94 points, or 0.2%, to 6,339.23