Asia report: Markets firmer as hopes for trade deal rise
By Josh White
Date: Monday 18 Mar 2019
(Sharecast News) - Markets in Asia finished in positive territory on Monday, with investors keeping their ears up for any news on the ongoing trade war between China and the US.
In Japan, the Nikkei 225 was up 0.62% at 21,584.50, as the yen weakened 0.09% against the dollar to last trade at JPY 111.58.
The broader Topix index advanced 0.69% in Tokyo to end the day at 1,613.68.
Of the big names on the Tokyo benchmark, automation specialist Fanuc rose 1.61%, Uniqlo owner Fast Retailing added 0.54%, and technology conglomerate SoftBank was ahead 1.15%.
On the mainland, the Shanghai Composite was ahead 2.47% at 3,096.42, and the smaller, technology-heavy Shenzhen Composite was up 2.71% to 1,685.79.
South Korea's Kospi was 0.16% higher at 2,179.49, while the Hang Seng Index in Hong Kong added 1.37% to close at 29,409.01.
Railway operator MTR was up 0.3% by the end of the day, having earlier dipped below the waterline after a collision between two of its trains in Hong Kong.
In Seoul, carmaker Hyundai Motor was 2.48% firmer by the end of trading.
Sentiment around the prospects of a trade deal were rosy on the first trading day of the week, after Chinese state news agency Xinhua reported that "concrete progress" had been made by both sides on the actual content of the proposed agreement.
"While there is presumably a strong US political imperative to get a deal done ahead of next year's elections, and presumably China is keen to bed down this issue, and while we expect a deal to be proclaimed, we can only believe it once it's seen," cautioned National Australia Bank senior economist David de Garis.
Last Thursday, CNBC reported that Chinese negotiators were trying to push for a signing ceremony as part of a state visit to the US by president Xi Jinping.
Oil prices were higher as the region went to bed, with Brent crude last up 0.49% at $67.49 per barrel, and West Texas Intermediate ahead 0.91% at $59.06.
In Australia, the S&P/ASX 200 was 0.25% firmer at 6,190.50, with almost all of its subindices in the green.
Across the Tasman Sea, New Zealand's S&P/NZX 50 was up 0.4% to a record high close of 9,515.12.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.16% at AUD 1.4090, and the Kiwi advancing 0.19% to NZD 1.4581.
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