Trade Talk Optimism Lifts Hong Kong, Shanghai
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2019-03-06 HKT 09:46
Hong Kong shares ended ended the morning session with slight gains, resuming an uptrend on optimism about the China-US trade talks, while investors are looking ahead to the release of key US jobs data later in the week.
The Hang Seng Index added 0.2 percent, to 29,022 by the break.
On the mainland, the Shanghai Composite Index rose 0.9 percent, to 3,082 while the Shenzhen Composite Index gained 0.8 percent, to 1,648.
With expectations that Washington and Beijing will eventually strike a tariffs deal already baked into equity prices, analysts say officials will need to provide some clarity on progress to give markets another step up.
"A mid-March meeting ... remains the expected next step, but if trade representatives are unable to agree on the final terms of implementation and enforcement measures, we could see the trade truce rally fade," said Oanda senior market analyst Edward Moya.
Sydney was 0.5 percent higher after data showed Australia's economy virtually ground to a halt in October-December owing to tepid household spending and a weakening housing market.
The news has fuelled speculation the central bank will have to cut already record-low borrowing costs, sending the Australian dollar tumbling about 0.3 percent against the greenback.
Elsewhere Singapore was off 0.1 percent and Seoul fell 0.3 percent but Manila piled on 0.7 percent while Wellington and Taipei were also up. (AFP)
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Last updated: 2019-03-06 HKT 12:44
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