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Markets across Asia shot up on Monday, as the United States and China hint that phase one of their trade deal is almost finalized.
What Happened
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The U.S. President Donald Trump could sign a trade deal with his Chinese counterpart Xi Jinping in Iowa by the end of this month, he said at the White House on Friday.
Companies in the U.S. will also soon be able to get approval to trade with the Chinese tech giant Huawei Technologies, Commerce Secretary Wilbur Ross told Bloomberg on Sunday.
Market Performance
Here’s how stock markets in Asia performed on Monday:
Hong Kong’s Hang Seng Index (INDEXHANGSENG: HSI) traded at an impressive 1.28% gain.
China’s SSE Composite Index (000001.SS) traded 0.75% up, and the Shenzhen Component Index (SHE: 399001) was up by 0.89%.
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South Korea’s KOSPI (KRX: KOSPI) added 1.12%. The chipmakers Samsung Electronics and SK Hynix Inc (KRX: 000660) traded at notable 1.95% and 1.81% gains, respectively.
Australia’s S&P/ASX 200 (INDEXASX: XJO) added a modest 0.081%. New Zealand’s NZX 50 Index (NZE: NZ50G) closed at 0.37% gain.
Thailand’s SET (INDEXBKK: SET) traded 0.95% up.
India’s SENSEX (INDEXBOM: SENSEX) was up by 0.47%, and NIFTY 50 (NSE: NIFTY) added 0.56%.
Indonesia’s IDX Composite (IDX: COMPOSITE) gained 0.057%.
Markets in Japan are closed for a national holiday Culture Day.
What's Next
Analysts at the National Australia Bank (NAB) are cautioning that the stock market’s optimism could be short-lived as the US-China trade deal could still collapse.
“As much as the US-China trade updates continue to point to a Phase 1 deal looking like a certainty, the contentious issues on whether the U.S. will cancel the planned December tariffs and remove some of the current tariffs in line with China’s demands remains an unknown and if the issue is not resolved then a deal could easily collapse,” NAB analysts told Reuters.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.