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Asia stocks got a boost amidst trade talks

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Asia stocks got a boost amidst trade talks

Amidst the trade talks between the US and China being positive, Asia stocks started gaining on Friday.

Although the expectations for the negotiations were low, they started rising after the United States president Donald Trump tweeted stating that he is optimistic about the face-to face high-level negotiations between the two economic giants.

“We’re doing very well. We’re going to see them tomorrow, right here, and it’s going very well,” said President Trump.

The trade talks are currently being conducted in Washington and the stocks in Asia started surging amidst the positive developments.

Mainland Chinese stocks rose in midday trade, with the Shanghai composite rising 0.44% and the Shenzhen composite ascending 0.24% higher. The Shenzhen component added 0.19% as well. Hong Kong’s Hang Seng index advanced 2.19% whereas the shares of CNOOC jumped 3.65%.

The Nikkei 225 in Japan and the Topix index surged 1.11% and 0.8% respectively. Following the firm reported a record profit on Thursday, Shares of Fast Retailing, the company behind apparel giant Uniqlo, climbed almost 4%. The stock last traded 2.73% higher.

In South Korea, the Kospi progressed 1.07%.

“To affirm a temporary trade truce, the second day of trade talks (today) will need US President Donald Trump to suspend or cancel the US tariffs that are scheduled to hit on Chinese goods October 15 and December 15,” strategists at Singapore’s DBS Group Research stated in a note.

(Reference: CNBC, Sky Statement, Market Watch)