Asia mostly positive on U.S.-China trade news

Asia markets mostly rose on Monday, following a higher finish on Wall Street Friday after a report said China and U.S. negotiators are working on a plan to end a trade dispute that would result in meetings between President Donald Trump and Chinese leader Xi Jinping in November.

In Japan, the Nikkei 225 fell 71.38 points, or 0.3%, to 22,199. The Japanese yen traded at 110.63 to the U.S. dollar, strengthening from levels above 110.8 last week.

In Hong Kong, the Hang Seng climbed 384.61 points, or 1.4%, to 27,598.02, as major casino stocks advanced. Wynn Macau shares jumped 8.7%

In Australia, the materials sector rose 1.1% while the heavily weighted financials sub-index fell 0.5%

Shares of Australia's major banks fell: ANZ declined 0.8%, Commonwealth Bank was lower by 0.9% and Westpac fell 0.6%. The National Australia Bank erased gains to trade down 0.3%

Meanwhile, shares of major miners traded up with Rio Tinto adding 0.3%, Fortescue gaining 1.2% and BHP rising by 1.3%

Fortescue said on Monday that its annual profit halved as prices for its lower quality iron ore fell. The miner said that its underlying net profit after tax came at $1.08 billion U.S., down from $2.13 billion a year ago.

The Australian dollar traded at $0.7304 while the New Zealand dollar was at $0.6614.


In Shanghai, the CSI 300 gained 37.63 points, or 1.2%, to 3,267.25.

U.S. and China officials are reportedly working on a plan to hold talks to end a trade dispute between the two countries that would result in meetings between Trump and Xi at a summit in November, according to the Wall Street Journal.

The onshore yuan traded at 6.8511 to the U.S. dollar while the offshore yuan was at 6.8439

In other markets

In Korea, the Kospi index inched forward 0.83 points to 2,247.88

In Singapore, the Straits Times STI index doffed 4.73 points, or 0.2%, to 3,204.71

In Taiwan, the Taiex index nicked up 8.09 points, or 0.1%, to 10,699.05

In New Zealand, the NZX 50 gained 56.38 points, or 0.6%, to 9,109.15

In Australia, the ASX 200 added 5.76 points, or 0.1%, to 6,345