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Asian shares gain as investors await US-China trade developments

Asian shares gain as investors await US-China trade developments

Asian stock markets gained on Monday in morning session as investors awaited developments on the US-China trade front and after a positive finish to a strong week for US stocks.

The Nikkei 225 in Japan added 0.27% as shares of index heavyweights Softbank Group, Fast Retailing and Fanuc all jumped. The Topix index also advanced 0.18%.

In China, the Shanghai Composite Index rose 0.20%, while Hong Kong’s Hang Seng Index was trading 0.35% higher.

Over in South Korea, the Kospi was marginally higher as shares of chipmaker SK Hynix gained 0.73%.

Meanwhile, the ASX 200 in Australia advanced 0.05% in morning trade, with almost all sectors seeing gains.

Investors are eying developments on the US-China trade front following a report by Xinhua news agency last Friday that Chinese Vice Premier Liu He spoke via telephone with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer.

In commodity news, Oil prices slipped in the morning of Asian trading hours but were still higher than a week ago as Russia plans to be fully compliant with OPEC-led supply cuts over the next few weeks, according to the country’s energy minister, Alexander Novak.

His comments come three months into a fresh round of production cuts from the so-called OPEC+ alliance.

Gold dipped 0.1% to $1,300.71 an ounce.

In currency news, the Japanese yen traded at 111.54 against the dollar after seeing highs below 111.0 last week. The Australian dollar changed hands at $0.7086 after lows below $0.704 in the previous trading week.

The US dollar index, which tracks the greenback against a basket of its peers, was at 96.588 after slipping from highs above 97.2 in the previous week.

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