Investors Bid Stocks up Watching Hong Kong Events

Hong Kong stocks largely clung on to gains Thursday after seeing a 4% surge a day earlier, on the back of news that the city’s controversial extradition bill that’s sparked protests will be withdrawn.

In Tokyo, the Nikkei 225 index leaped 436.80 points, or 2.1%, to 21,085.94. The Japanese yen, often seen as a safe-haven currency in times of turmoil, traded at 106.49 after easing from levels below 105.9 yesterday.

In Hong Kong, the Hang Seng Index scaled back from Wednesday’s dizzy climb, losing 7.7 points to 26,515.53

Hong Kong Chief Executive Carrie Lam on Wednesday fully withdrew a controversial extradition bill in Hong Kong that had sparked protests for months. It was one of five demands that protesters have been fighting for.

Australian markets picked up as a majority of the sectors saw gains. The Australian dollar changed hands at $0.6810 after rising from the $0.681 handle in the previous session.

CHINA

In Shanghai, the CSI 300 gained 39.32 points, or 1%, to 3,925.32

China’s Commerce Ministry had issued a statement on Thursday morning saying that Liu He, China’s top negotiator on trade, spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The two sides agreed to hold another round of trade negotiations in Washington, D.C., towards the beginning of next month, and consultations will be made in mid-September in preparation for the meeting

In other markets

In Korea, the Kospi index gained 16.22 points, or 0.8%, to 2,004.75

In Taiwan, the Taiex index leaped 99.62points, or 0.9%, to 10,756.93

In Singapore, the Straits Times Index picked up 16.49 points, or 0.5%, to 3,147.06

In New Zealand, the NZX 50 climbed 98.54 points, or 0.9%, to 11,106.67

In Australia, the ASX 200 improved 60.16 points, or 0.9%, to 6,613.16