Asian shares rally ahead of US-China trade talks
HONG KONG (AP) — Shares rose in Asia on Monday ahead of the second round of trade talks between Washington and Beijing, due later in the day in London.
Tokyo's Nikkei 225 gained 1.1% to 38,137.09 as the government reported that the Japanese economy contracted by 0.2% in the January-March quarter.
In South Korea, the Kospi added 1.9% to 2,865.52.
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 a year earlier.
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 1.4% to 24,119.64 while the Shanghai Composite Index climbed 0.4% to 3,397.13.
Australia's market was closed for a public holiday.
On Friday, stocks gained ground on Wall Street following a better-than-expected report on the U.S. 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 U.S.-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.
U.S. employers slowed their hiring last month, but still added a solid 139,000 jobs amid uncertainty over President Donald Trump's trade war. The closely watched monthly update reaffirmed that the job market remains resilient, despite worries from businesses and consumers about the impact of tariffs on goods going to and coming from the U.S. and its most important trading partners.
President Donald Trump's on-again-off-again tariffs continue to weigh on companies. Lululemon Athletica plunged 19.8% after the maker of yoga clothing cut its profit expectations late Thursday as it tries to offset the impact of tariffs while being buffeted by competition from start-up brands.
Lululemon joins a wide range of companies, from retailers to airlines, that have warned investors about the potential hit to their revenue and profits because of tariffs raising costs and consumers potentially tightening their spending.
Hopes that Trump will lower his tariffs after reaching trade deals with other countries are a main reason the S&P 500 has rallied back so furiously since dropping roughly 20% two months ago from an all-time high.
The economy is absorbing the impact from tariffs on a wide range of goods from key trading partners, along with raw materials such as steel. Heavier tariffs could hit businesses and consumers in the coming months.
The U.S. economy contracted during the first quarter. Recent surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both American manufacturing and services businesses contracted last month. On Tuesday, the Organization for Economic Cooperation and Development forecast 1.6% growth for the U.S. economy this year, down from 2.8% last year.
The uncertainty over tariffs and their economic impact has put the Federal Reserve in a delicate position.
In other trading early Monday, U.S. benchmark crude oil lost 3 cents to $64.55 per barrel. Brent crude, the international standard, gave up 5 cents to $66.42 per barrel.
The U.S. dollar retreated to 144.42 Japanese yen from 144.85 yen. The euro edged higher, to $1.1422 from $1.1399.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Invitation for Interest to Participate for Development of the HKSTP San Tin Technopole
HONG KONG, June 11, 2025 /PRNewswire/ -- CBRE has been appointed by Hong Kong Science and Technology Parks Corporation (HKSTP) as the lead consultant for the business, operation and investment models of the HKSTP San Tin Technopole (working title). CBRE will invite interested property developers and consortia to submit its Interest to Participate (ITP) for the development. The deadline for ITP submissions is set for 12:00 noon, June 21, 2025. As part of the Northern Metropolis development, the broader San Tin Technopole, encompassing over 600 hectares, will have half of its area to be designed for innovation and technology (I&T) use. This translates into 7 million sq.m. of gross floor area for research & development, prototyping, pilot testing, and advanced manufacturing. The project led by Hong Kong Science and Technology Parks Corporation (HKSTP) at the San Tin Technopole, will be developed on 20 hectares of government-granted land, with construction set to begin in 2027. As outlined in the 2024 Policy Address, the government aims to deliver approximately 20 hectares of new innovation and technology (I&T) sites in phases, starting from 2026–27, for HKSTP's development and operation. Strategically located near Shenzhen, the development is designed to complement Shenzhen's I&T zones in Huanggang and Futian, forming a synergistic innovation hub. It will become a comprehensive I&T ecosystem, catalysing growth in sectors such as AI and data science, life and health tech, new material/energy, microelectronics/electronics and advanced manufacturing. Hannah Jeong, Executive Director, Valuation and Advisory Services, CBRE Hong Kong said: "While the entire San Tin Technopole is envisioned as a major driver of Hong Kong's new industrialisation and a second economic engine in the North complementing the established financial engine in the South (CBDs), this development represents a rare opportunity to shape a world-class innovation powerhouse, particularly for artificial intelligence, advanced manufacturing, biotech, and green tech. We are laying the foundation for a new era of industrialisation, offering space and infrastructure for R&D, prototyping, and pilot production." Hannah added: "This is not just a development—it's a bold vision for the future of innovation. Backed by HKSTP's proven track record, the development is poised to become a dynamic I&T ecosystem and a global launchpad for innovation, especially in today's fast-evolving, AI-driven era. Leveraging CBRE's extensive client network, deep expertise in commercial real estate and land advisory, and its regulatory credentials—including SFC Type 1 and Type 4 licenses, as well as an EAA license—we are excited to support private investors and developers in exploring the tremendous opportunities this project offers. We invite them to share their perspectives in shaping a win-win public-private partnership model, with strong potential for attractive investment returns and long-term capital appreciation." For any additional details, please contact Ms Hannah Jeong, Executive Director (Email: Tel: +852 2820 2818), or Mr. Eddie Tsui, Senior Director, (Email: Tel.: +852 2820 2845) of Valuation and Advisory Services, CBRE Hong Kong. Follow us on Instagram: cbre_hongkongAnd on LinkedIn: company/cbre-asia-pacific DISCLAIMER:Neither CBRE nor its affiliated companies make any warranties or claims on the express or implied accuracy of the information contained herein. All information contained herein, including projections, has been obtained from materials and sources which we believe to be reliable at the date of publication but which we have not verified its accuracy and make no guarantee, warranty or representation about it., and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this report. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. You are advised to conduct your own assessment, property inspection and measurement, and/or seek advices from your independent professional advisors. CBRE shall not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this report. All rights to the materials are expressly reserved and none of the materials, nor their content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without the prior express written permission of CBRE. For any information of or relating to floor area, readers should note that there is no standardized or commonly adopted definition of any description of floor area in the market for non-residential properties. About CBRE Group, Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at View original content to download multimedia: SOURCE CBRE Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Elon Musk says he 'regrets' some posts he made about Donald Trump
Billionaire Elon Musk has said he regrets some of the posts he made about US President Donald Trump during their war of words on social media. "I regret some of my posts about President Donald Trump last week. They went too far," he said on his platform X. The two were embroiled in a public fallout, after the Tesla owner called Trump's tax bill a "disgusting abomination". His post comes after Trump declared that their relationship was over, and that he had no interest in mending ties with Musk. The budget, which includes huge tax breaks and more defence spending, was passed by the House of Representatives last month and is now being considered by senators. Musk urged Americans to call their representatives in Washington to "kill the bill" as he believed it would "cause a recession in the second half of the year". The tech billionaire claimed, without evidence, that Trump appears in unreleased government files linked to the late sex offender Jeffrey Epstein. The White House rubbished those claims. In response Trump said Musk had "lost his mind" and threatened to cancel his government contracts which have an estimated value of $38bn (£28bn). "I think it's a very bad thing, because he's very disrespectful. You could not disrespect the office of the president," Trump said in an interview with NBC on Sunday. Musk deleted most of his posts over the weekend, including one that called for Trump's impeachment and another claiming he won the election for him. Musk was the largest donor for Trump's 2024 presidential campaign and had been considered the president's right-hand man. Their fallout came shortly after Musk left the Department of Government Efficiency (Doge), after just 129 days in the job.
Yahoo
an hour ago
- Yahoo
China, Africa ask US to return to 'right track' on trade differences
HONG KONG (Reuters) -China and 53 African countries called on nations, especially the United States, to return to the "right track" of resolving trade differences, the official Xinhua news agency reported on Wednesday. The statement came after China's Foreign Minister Wang Yi met with African officials in the city of Changsha located in southern Hunan province. The White House, in its April 2 "Liberation Day" tariff announcement, imposed some of the highest tariffs on several African countries. That included levies of up to 50% on goods from Lesotho, 47% for Madagascar, 40% for Mauritius, 38% for Botswana and 31% for South Africa, the continent's biggest exporter to the U.S. The China-Africa statement, made on behalf of China, 53 African countries and the African Union Commission said it "firmly opposed any party reaching a compromise deal at the expense of the interests of other countries." "We call on all countries, especially the United States, to return to the right track of resolving trade differences through consultation on an equal, respectful and reciprocal basis," the statement said. China is willing to implement zero-tariff measures for the 53 African countries that it has diplomatic relations with, the statement said, apart from Eswatini, the only African country that supports Taiwan. China's relations with African countries have strengthened as its own economy slows and it has emerged as Africa's biggest lender. In recent years, China has stepped up cooperation in areas from agriculture to infrastructure. The continent offers a much needed avenue for Chinese state-owned infrastructure firms struggling for projects as indebted local governments hold off on spending, and as a market for its electric vehicles and solar panels, areas where the U.S. and EU say China has over-capacity.