Equities in China moved higher Friday as investors hearkened to the idea that a trade deal would soon come to pass between China and the U.S. Stock traders in other corners of Asia, however, were a little more cautious.
In Japan, the Nikkei 225 inched up 14.9 points, or 0.1%, to 20,788.39, as shares of Fast Retailing advanced nearly 2%. Nintendo, however, plunged 9.2% after the company cut its sales forecast for the Switch game console in the fiscal year ending March 2019.
The Japanese yen traded at 108.93 against the U.S. dollar after seeing highs around 108.5 yesterday.
In Hong Kong, the Hang Seng Index slid 11.73 points to 27,930.74
In Australia, where markets traded largely flat, the materials sub-index advanced 0.3% as shares of major miners rose. Rio Tinto was up 0.6%,
Fortescue Metals Group jumped 3.4% and BHP Billiton gained 0.5%
The Australian dollar changed hands at $0.7242 U.S. after touching an earlier high of $0.7278.
CHINA
In Shanghai, the CSI 300 gained 45.77 points, or 1.4%, to 3,247.40
Stocks in China saw strong gains on the first trading day of February as hopes rise for a U.S.-China trade deal. However, the country’s manufacturing data came in below expectations.
A private survey on China’s manufacturing sector on Friday showed that factory activity contracted in January. The Caixin/Markit Manufacturing Purchasing Managers’ Index PMI came in at 48.3 in January, compared to 49.7 in December. Analysts had expected the Caixin PMI to be 49.5 last month.
U.S. President Donald Trump told reporters in the Oval Office on Thursday that he hoped to strike a deal with China before the March deadline. Trump also said Chinese President Xi Jinping told him in a letter that he hopes both sides will be able to meet each other halfway on a trade agreement before the deadline.
In other markets
Markets in Taiwan remained shuttered for holiday
In Singapore, the Straits Times Index sank 1.49 points, or 0.1%, to 3,188.68
In Korea, the Kospi index dipped 1.39 points to 2,203.46
In New Zealand, the NZX 50 advanced 13.83 points, or 0.2%, to 8,999.17
In Australia, the ASX 200 lost 1.82 points to 5,862.83
