Asia report: Markets finish higher on renewed hopes of US-China deal

Most markets in Asia finished in the green on Friday, as sentiment was given a boost on renewed hopes of a trade deal between the US and China.

In Japan, the Nikkei 225 was up 0.82% at 21,205.81, as the yen weakened 0.09% against the dollar to last trade at JPY 110.73.

The broader Topix index managed gains of 0.56% in Tokyo, to settle at 1,591.64.

Of the benchmark’s major components, technology conglomerate SoftBank Group was ahead 1.9% by end-of-play.

On the mainland, the Shanghai Composite surged 3.2% to 3,090.76, and the smaller, technology-heavy Shenzhen Composite rocketed 3.38% to 1,695.13.

South Korea’s Kospi was 0.59% firmer at 2,140.67, while the Hang Seng Index in Hong Kong added 0.96% to 29,051.36.

The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics falling 0.45%, while SK Hynix rose 2.63%.

Sentiment was given a boost early in the Asian day, after a decent showing on Wall Street overnight, which followed hopeful reports on the trade front between Beijing and Washington.

According to Reuters, officials in China had made “unprecedented” offers on the subject of technology transfers - a major point of contention for US negotiators.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin were arriving in Beijing for another round of negotiations between the two nations.

Oil prices were higher as the region went to bed, with Brent crude last up 1.09% at $68.57, and West Texas Intermediate rising 1.4% to $60.14 per barrel.

In Australia, the S&P/ASX 200 eked out gains of 0.07% to close at 6,180.70, while across the Tasman Sea, New Zealand’s S&P/NZX 50 continued its record-breaking form, rising 0.8% to hit another all-time high of 9,844.85.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.26% at AUD 1.4096, and the Kiwi advancing 0.39% to NZD 1.4702.