Shanghai: SSE Composite Index (.SSEC) China agreed to reduce tariffs on U.S. autos
Japan’s benchmark Nikkei 225 added 1.7 percent in early trading to 21,501.95. Australia’s S&P/ASX 200 edged up 0.8 percent to 5,618.70. South Korea’s Kospi was up nearly 1.0 percent at 2,073.20. Hong Kong’s Hang Seng added 1.5 percent to 26,166.63, while the Shanghai Composite index rose 0.5 percent to 2,607.24.
TRADE TALKS: Recent media reports say China agreed to reduce tariffs on U.S. autos. That raised hopes the two countries can make progress on their trade dispute. Investors worry weaker global trade would dent economic growth around the world and corporate profits.
WALL STREET: The S&P 500 dipped by 0.94 points, or less than 0.1 percent, to 2,636.78, while the Dow Jones industrial average fell 53.02, or 0.2 percent, to 24,370.24, and the Nasdaq composite rose 11.31, or 0.2 percent, to 7,031.83. Slightly more stocks fell on the New York Stock Exchange than rose.
THE QUOTE: “U.S.-China trade developments appear to be the outstanding item set to aid Asia markets,” said Jingyi Pan, market strategist at IG in Singapore. “Much needed positive news in the form of auto tariff reduction underpinned the early optimism.”