Stocks in Asia were mostly higher on Monday as investors looked for further developments on U.S.-China trade.
In Japan, the Nikkei 225 gained 113.44 points, or 0.5%, to 23,416.76,
Shares of Z Holdings — formerly known as Yahoo Japan — and Line rose 1.2% and 2.18%, respectively. The developments came as Softbank Corp announced plans to merge Z Holdings, its subsidiary, with Naver’s Line.
The Japanese yen traded at 108.94 per U.S. dollar after seeing highs below 108.4 in the previous trading week.
In Hong Kong, the Hang Seng Index barrelled ahead 354.43 points, or 1.4%, to 26,681.09, with shares of Chinese tech juggernaut Tencent jumping 3.1%.
The moves came amid ongoing turmoil in Hong Kong, as the embattled city continues to be rocked by civil unrest that has now lasted for months. On Monday, a local high court ruled that a face mask ban enacted last month was “incompatible” with the city’s mini-constitution.
Singapore’s exports for October declined more than expected. Non-oil domestic exports dropped 12.3% year-on-year, against expectations of a 10.4% decline in an economist poll.
The Australian dollar changed hands at $0.6816 after declining from highs above $0.684 last week.
CHINA
In Shanghai, the CSI 300 recovered 30.84 points, or 0.8%, to 3,907.93, this as the People’s Bank of China set its seven-day reverse repurchase (repo) rate at 2.5%.
Investors continued to monitor developments on U.S.-China trade. Chinese Vice Premier Liu He had a phone call Saturday morning with
Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer regarding a "phase-one" trade deal.
The two sides had "constructive discussions" about "each other’s core concerns" and agreed to remain in close contact. The call came at the request of Mnuchin and Lighthizer.
In other markets
In Taiwan, the Taiex surged 74.18 points, or 0.6%, to 11,599.78
In Korea, the Kospi erased 1.49 points, or 0.1%, to 2,160.69
In Singapore, the Straits Times Index acquired 19.8 points, or 0.6%, to 3,258.66
In Australia, the ASX 200 docked 26.9 points, or 0.4%, to 6,766.82
In New Zealand, the NZX dipped 21.54 points, or 0.4%, to 10,873.16
