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Asian Markets Rise; Trump Says China Wants a Trade Deal

27/08/2019 02:39:00 Stock Market
Asian markets rose in morning trade on Tuesday. Developments on the Sino-U.S. trade front remained in focus as U.S. President Donald Trump said China “want to make a deal very badly.” China’s Shanghai Composite and the Shenzhen Component rose 1.8% and 1.5% respectively by 10:37 PM ET (02:37 GMT). Hong Kong’s Hang Seng Index was little changed at 25,691.0. Overnight, Trump said that he is now more positive on the prospects for a deal with China than at any time last year. Trump also noted remarks made by China’s top trade negotiator, Vice Premier Liu He. “He wants to see a deal made, he wants it to be made under calm conditions,” Trump said. “He used the word ‘calm,’ I agree with him.” Liu said at the opening ceremony of the 2019 Smart China Expo in Chongqing earlier this week that China is willing to solve the issues with the U.S. “through consultation and cooperation with a calm attitude.” “We firmly oppose the escalation of the trade war,” he said, adding that it “is not conducive to China, the U.S. and the interests of people all over the world,” he said. Earlier Monday, Trump said Liu called “our trade people and said let’s get back to the table.” However, traders remained cautious, as China seemed to have denied the call to Trump has happened. Hu Xijin, editor-in-chief of China’s state-owned media Global Times, said that trade negotiators from the two sides hadn’t spoken by phone in recent days and that Trump was exaggerating the significance of the trade contacts. Hu also stated that China did not change its position on trade issues and that it would not cave to U.S. pressure. South Korea’s KOSPI rose 0.8%. The Bank of Korea’s monthly consumer sentiment index dropped to 92.5 in August from 95.9 the previous month, according to a statement released by the central bank on Tuesday. It is the lowest level in more than two and a half years.Japan’s Nikkei 225 traded 1.3% higher. Down under, Australia’s ASX 200 climbed 0.5%.