Asian shares advance as details awaited on progress in China-US trade talks
HONG KONG (AP) — Asian shares advanced Monday after two days of trade talks between China and the U.S. made what the U.S. side said was ' substantial progress.'
U.S. futures and oil prices advanced.
Officials said a joint statement would be issued later Monday following the trade talks in Geneva over the weekend. Investors are also watching for developments in other flashpoints including clashes between India and Pakistan, the war in Ukraine and conflict in the Middle East.
India's Sensex jumped about 2.5% after it and Pakistan agreed to a truce after talks to defuse their most serious military confrontation in decades. The two armies have exchanged gunfire, artillery strikes, missiles and drones that killed dozens of people.
In Hong Kong, the Hang Seng gave up early gains to trade up 0.6% at 23,009.64, while the Shanghai Composite Index picked up 0.4% to 3,355.54.
Chinese EV battery maker CATL, or Contemporary Amperex Technology Co., Ltd., said in a prospectus filed with the Hong Kong Stock Exchange that it plans to raise nearly $4 billion in a share listing.
U.S. Treasury Secretary Scott Bessent said there was 'substantial progress' in the weekend trade talks but offered scant information on exactly what the negotiations entailed.
Separarely, Chinese Vice Premier He Lifeng said both sides had agreed to 'establishing a consultation mechanism' for further discussions on trade and economic issues.
Elsewhere in Asia, Japan's Nikkei 225 added less than 0.1% to 37,519.80, while the Kospi in Seoul gained 0.5% to 2589.30.
Australia's S&P/ASX 200 climbed 0.2% to 8,249.70.
Taiwan's Taiex gained 0.9%.
On Friday, U.S. stocks drifted, with the S&P 500 edging 0.1% lower to 5,659.91. It finished the week with a modest dip of 0.5%. It was the first week in seven where the index at the heart of many 401(k) accounts moved by less than 1.5%, after careening on fears about President Donald Trump's trade war and hopes that he'll relent on some of his tariffs.
The Dow Jones Industrial Average dipped 0.3% to 41,249.38, while the Nasdaq composite edged up by less than 0.1% to 17,928.92.
Apart from trade talks and other geopolitical factors, the flow of earnings reports for the start of the year from companies is slowing but still moving markets.
Expedia sank 7.3% even though the travel website reported a stronger profit for the latest quarter than analysts expected.
The owner of Vrbo and Hotels.com said demand was weaker than it expected during the quarter, and it highlighted softer-than-expected demand in the United States, as well as a nearly 30% decline in bookings from Canada to its southern neighbor.
Other travel-related companies, including Hilton and Airbnb, have reported a similar softening in travel demand to the U.S. in their recent earnings reports.
Fast-casual restaurant chain Sweetgreen wilted by 16.2% after the salad seller reported a slightly larger loss for the latest quarter than analysts expected.
They offset a 28.1% rally for Lyft, which delivered a stronger profit for the latest quarter than analysts expected. The company said it reached the highest weekly ridership levels in its history during the last week of March.
Taiwan Semiconductor Manufacturing, the chip giant known as TSMC, offered an encouraging report, saying its revenue in April leaped 48.1% from a year earlier. That sent its stock that trades in the United States up 0.7%.
Insulet jumped 20.9% for the biggest gain in the S&P 500 after the medical device company reported stronger results for the latest quarter than analysts expected.
In other dealings early Monday, U.S. benchmark crude oil gained 38 cents to $61.40 per barrel.
Brent crude, the international standard, added 34 cents to $64.25 per barrel.
The U.S. dollar advanced to 145.85 Japanese yen from 146.17 yen. The euro edged higher, to $1.1228 from $1.1209.
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