U.S. Markets closed

Asian Stocks Rise Despite Trade Concerns

Investing.com - Asian markets rose in morning trade on Monday despite rising tensions between the U.S. and China.

China’s Shanghai Composite and the Shenzhen Component rose 0.7% and 0.9% in morning trade by 10:30 PM ET (02:30 GMT).

The gains in Chinese stocks came even after U.S. President Donald Trump said on Friday that he is “not ready to make a deal.”

“China wants to do something, but I’m not doing anything yet,” Trump said. “Twenty-five years of abuse. I’m not ready so fast.”

The president added that it would be “fine” if U.S.-China negotiations planned for next month were called off.

Meanwhile, fluctuations in the value of theyuan remained in the spotlight after China fixes the yuan midpoint at 7.0211 on Monday, which was weaker than psychologically important 7-yuan-per-dollar levelfor three consecutive sessions.

On the data front, data on China retail sales, industrial production and the jobless rate will be out on Wednesday.

Hong Kong’s Hang Seng Index was up 0.2%. Cathay Pacific slumped more than 4% after China accused the airline because its employees joined anti-Beijing protests.

The airline’s actions, or lack thereof “have led to a severe threat to aviation safety, created negative social impact and increased the risk of flying from Hong Kong to the mainland,” the Civil Aviation Administration of China said in a statement.

The airline responded in a statement that it suspended a pilot from flying who had been detained while participating in a protest. It also fired two workers for “misconduct.”

South Korea’s KOSPI rose 0.5%.

Down under, Australia’s ASX 200 was unchanged. The country’s jobs data is out on Thursday.

Markets are shut on Monday in Japan, Singapore, India, Malaysia, Philippines and Thailand for public holidays.

Related Articles

Asian shares falter as U.S.-China trade war, recession worries weigh

Cathay Pacific shares drop after China orders carrier to suspend staff in protests

Goldman Sachs economists say fears rise that U.S.-China trade war leading to recession