Asian shares rally ahead of US-China trade talks
HONG KONG, June 9, (AP): Shares rose in Asia on Monday ahead of a new round of trade talks between Washington and Beijing, due later in the day in London. Tokyo's Nikkei 225 gained 0.9% to 38,088.57 as the government reported that the Japanese economy contracted by 0.2% in the January-March quarter.
In South Korea, the Kospi added 1.6% to 2,855.77. Chinese markets rose even though the government reported that exports slowed in May, growing 4.8% from a year earlier after a jump of more than 8% in April. Exports to the United States fell nearly 10% compared with the same month in 2024. China also reported that consumer prices fell 0.1% in May from a year earlier, marking the fourth consecutive month of deflation.
Hong Kong's Hang Seng picked up 1.1% to 24,044.90 while the Shanghai Composite Index climbed 0.4% to 3,397.63. Australia's market was closed for a holiday. On Friday, stocks gained ground on Wall Street following a better-than-expected report on the US job market. The gains were broad, with every sector in the S&P 500 rising.
That solidified a second consecutive winning week for the benchmark index, which has rallied back from a slump two months ago to come within striking distance of its record high. The S&P 500 rose 1% to 6,000.36. The Dow Jones Industrial Average added 1% to 42,762.87 while the Nasdaq gained 1.2% to 19,529.95. Technology stocks, with their outsized values, led the broad gains.
Chipmaker Nvidia jumped 1.2% and iPhone maker Apple rose 1.6%. Tesla rose 3.7%, regaining some of the big losses it suffered on Thursday when Trump and Musk sparred feverishly on social media. Circle Internet Group, the US-based issuer of one of the most popular cryptocurrencies, rose 29.4%. That adds to its 168% gain from Thursday when it debuted on the New York Stock Exchange.
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