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Japan Today
12-05-2025
- Business
- Japan Today
Asian shares, U.S. futures advance after China-U.S. trade talks
Dealers walk past near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 9, 2025. (AP Photo/Lee Jin-man) By JIANG JUNZHE 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 also 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. The Sensex in Mumbai jumped about 2.9% after India 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. Pakistan's KSE 100 surged more than 9% and trading was halted for one hour following a spike driven by the ceasefire and an International Monetary Fund decision Friday to disburse about $1 billion of a bailout package for its battered economy. In Hong Kong, the Hang Seng gained 1.3% to 23,155.18, while the Shanghai Composite Index picked up 0.7% to 3,366.15. 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 0.4% to 37,644.26 while the Kospi in Seoul gained 0.9% to 2599.84. Australia's S&P/ASX 200 climbed less than 0.1% to 8,233.50. Taiwan's Taiex gained 1%. 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. In other dealings early Monday, U.S. benchmark crude oil gained 84 cents to $61.86 per barrel. Brent crude, the international standard, added 95 cents to $64.86 per barrel. The U.S. dollar advanced to 146.63 Japanese yen from 146.17 yen. The euro edged lower, to $1.1193 from $1.1209. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Japan Today
09-05-2025
- Business
- Japan Today
Asian stocks mixed after hopes for China-U.S. talks, trade deal with UK lift Wall Street
By JIANG JUNZHE Shares were mixed in Asia on Friday as investors pinned their hopes on weekend trade talks between China and the U.S. U.S. futures and oil prices logged modest gains. China reported that its exports rose at a faster-than-expected 8.1% annual pace in April, down from 12.4% the month before. Exports to the United States dropped more than 20%, however, as President Donald Trump's steep tariff increases took effect. Hong Kong's Hang Seng slipped 0.1% to 22,777.82, while the Shanghai Composite Index lost 0.3% to 3,343.38. Top U.S. and Chinese trade officials are due to meet Saturday in Geneva, Switzerland. Asked on Thursday whether he would consider lowering tariffs on Chinese imports if this weekend's talks go well, Trump said, 'It could be. We're going to see. Right now, you can't get any higher. It's at 145%. So we know it's coming down.' He also said he expects the talks in Switzerland to be 'substantive.' Tokyo's Nikkei 225 jumped 1.5% to 37,493.65, while the Kospi in Seoul was almost unchanged at 2,578.64. Australia's S&P/ASX 200 added 0.4% to 8,228.10. Taiwan's Taiex surged 1.7%. U.S. stocks rose Thursday after the United States and United Kingdom announced a deal on trade that would lower some tariffs between the two countries, the first of what Wall Street hopes will be enough agreements to keep a recession from hitting the economy. The S&P 500 climbed 0.6% to 5,663.94 for its 11th gain in the last 13 days. The Dow Jones Industrial Average added 0.6% to 41,368.45, and the Nasdaq composite rose 1.1% to 17,928.14. Trump lauded what he called a 'maxed-out trade deal' with the United Kingdom, which will keep 10% tariffs on U.K. products but lower taxes on U.K. automobiles in exchange for greater access in the U.K. market for U.S. beef, ethanol and other products. Besides hopes for deals on trade, strong profit reports from U.S. companies also have helped to drive the S&P 500 to within 7.8% of its all-time high set in February after it dropped nearly 20% below the mark a month ago. Axon Enterprise, the company that sells Tasers, body cameras and other public safety equipment, jumped 14.1% after joining the list. It benefited from strong growth for its software and services, and it raised its forecast for revenue over the full year. Tapestry rose 3.7% after the company behind the Coach and Kate Spade brands also reported better profit and revenue than expected. It credited new, younger customers in North America, among other things. Molson Coors, though, described a different landscape when it released its latest quarterly results, which fell short of analysts' expectations. Its stock fell 4.5%. Krispy Kreme tumbled 24.7% after withdrawing its forecasts for the full year. The doughnut seller said it made the move in part because of 'macroeconomic softness' and because it's pausing the rollout of sales of its doughnuts at more McDonald's restaurants. The U.S. economy has remained OK so far, with the Federal Reserve saying Wednesday that it still looks to be running at a solid rate underneath the surface. But pessimism has soured sharply among U.S. households because of tariffs, and the fear is that all the uncertainty created by them could be enough to force the economy into a recession. A couple reports on the economy Thursday came in mixed. One said slightly fewer U.S. workers applied for unemployment benefits last week. But another said productivity for U.S. workers slowed by more than economists expected at the start of the year. In other dealings early Friday, U.S. benchmark crude oil gained 26 cents to $60.17 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 29 cents to $63.13 per barrel. The U.S. dollar fell to 145.66 Japanese yen from 145.91 yen. The euro rose to $1.1228 from $1.1220. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
