Shares in China and Japan gain on trade talks hopes

Lola Evans
10 Oct 2019, 18:02 GMT+10

Stocks in China and Japan jumped on Thursday with trade talks between the U.S. and China set to resume.
The negotiating teams from the two countries are assembling in Washington for a two-day meeting over Thursday and Friday.
At the close of trading in China, the Shanghai Composite was ahead 22.85 points or 0.78% at 2,947.71.

SYDNEY, Australia - Stocks in China and Japan jumped on Thursday with trade talks between the U.S. and China set to resume.

The negotiating teams from the two countries are assembling in Washington for a two-day meeting over `Thursday and Friday, in a bid to resolve a 15-months impasse.

"Mr. Trump's recent impeachment risk has turned the timetable against him," Chi Lo, senior economist at BNP Paribas Asset in Hong Kong, said in a report to clients.

"While China is not eager to reach a trade deal, Mr. Trump is, however, under pressure to get at least a temporary deal done to help his re-election bid before his impeachment risk rises and the U.S. economy weakens further," Chi said.

At the close of trading in China, the Shanghai Composite was ahead 22.85 points or 0.78% at 2,947.71.

Hong Kong's Hang Seng advanced 25.12 points or 0.10% to 25,707.93.

In Japan, the Nikkei 225 rose 95.60 points or 0.45% to 21,55.98.

Australia's All Ordinaries did not join the party. The key index closed down 4.10 points or 0.06% at 6,662.90.

The euro was being bought up late in Asia, and in early European trading on Friday. It was last quoted at 1.1017.

The British pound was unchanged at 1.2232. The Japanese yen weakened to 107.38.

The Swiss franc was little changed at 0.9919. The Canadian dollar, Australian and New Zealand dollars were a tad firmer at 1.3310, 0.6746 and 0.6322 respectively.

Overnight on Wall Street, the Dow Jones added 0.70%. The Standard and Poor's 500 rose 1.02%. The tech-laden Nasdaq Composite climbed 0.91%.