Asia Rises on Trade Optimism

Stocks in Asia were higher on Friday as investors cheered positive developments on the U.S.-China trade front.

The Nikkei 225 jumped 246.89 points, or 1.2%, to close the week at 21,798.87. Shares of Fast Retailing, the company behind apparel giant Uniqlo, jumped 2.6% after the firm reported a record profit on Thursday.

The Japanese yen traded at 107.99 against the U.S. dollar after weakening from levels below 107.6 in the previous session.

In Hong Kong, the Hang Seng Index popped 600.51 points, or 2.3%, to 26,308.44, with shares of CNOOC surging 4.5%.

Japanese and Korean representatives are expected to meet on Friday in Geneva for discussions regarding their ongoing dispute over Japan’s tighter export controls for materials critical to South Korea’s technology sector.

The Australian dollar changed hands at $0.6779 after jumping from levels below $0.672 yesterday.

CHINA

The CSI 300 prospered 37.09 points, or 1%, to 3,911.73

Investors watched for market reaction to overnight developments on U.S.-China trade. American President Donald Trump said in a tweet Thursday that he is set to meet with Chinese Vice Premier Liu He on Friday, raising expectations that progress could be made on the trade front by the two economic powerhouses.

In other markets

In Taiwan, markets returned after a holiday, with the Taiex fading 127.35 points, or 1.2%, to 10,889.96

In Korea, the Kospi regained 16.46 points, or 0.8%, to 2,044.61

In Singapore, the Straits Times Index picked up 24.49 points, or 0.8%, to 3,1331.97

In New Zealand, the NZX 50 re-strengthened 36.98 points, or 0.3%, to 10,923.71

In Australia, the ASX 200 leaped 59.73 points, or 0.9%, to 6,606.81