Asian markets rise on report of U.S.-China trade-deal progress

Asian markets rise on report of U.S.-China trade-deal progress

Deal said to be 90% done; Nikkei, Hang Seng lead gains

Asian markets rose in early trading Wednesday after a report that trade negotiations between the U.S. and China had resolved nearly all major issues.

“Ninety percent of the deal is done, but the last 10% is the hardest part,” U.S. Chamber of Commerce executive Myron Brilliant said, according to the Financial Times. The report added that if a deal is not reached this week, talks may be extended to as late as June. China’s Vice Premier Liu He, the top trade adviser to President Xi Jinping, arrived in Washington on Tuesday for a continuation of high-level talks held last week in Beijing.

Japan’s Nikkei NIK, +0.88% rose 0.7%, and Hong Kong’s Hang Seng index HSI, +0.86% gained 0.8%. The Shanghai Composite SHCOMP, +0.23% advanced 0.1%, while the smaller-cap Shenzhen Composite 399106, +0.01% declined slightly. South Korea’s Kospi SEU, +0.55% rose 0.4%, and benchmark indexes in Taiwan Y9999, +0.24% and Singapore STI, +0.81% gained as well. Australia’s S&P/ASX 200 XJO, +0.66% climbed 0.6%

Among individual stocks, Uniqlo parent Fast Retailing 9983, +4.88% surged in Tokyo trading, and Nintendo 7974, +0.94% and Rakuten 4755, +0.94% advanced as well. In Hong Kong, Tencent 0700, +2.40% rose to its highest intraday price since last August, as Chinese regulators approved a batch of foreign videogame titles. Galaxy Entertainment 0027, +2.21% and AIA Group 1299, +1.81% also posted gains. LG Electronics 066570, +2.11% and Samsung 005930, +0.98% rose in Korea, and Rio Tinto RIO, +1.98% gained in Australia, while Beach Energy BPT, -2.11% slipped.

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