Markets In Asia Surge As US-China Agree On Trade, Johnson Wins UK Election

Markets in Asia made record gains on Friday, as some of the causes of market volatility in recent months seem to be clearing out.

What Happened

The U.S. and China have to come to an agreement on phase one of their trade deal, the Wall Street Journal reported on Thursday.

As part of the deal, President Donald Trump will roll back some of the existing tariffs, and has canceled the additional tariffs that were supposed to take effect on Sunday, the publication said.

Meanwhile, the Boris Johnson-led Conservative and Unionist Party won the general elections in the U.K. by a clear majority, paving the way ahead for a fast-tracked Brexit deal with the E.U.

Stock Market

Here's how the markets performed in the Asia Pacific region at press time.

China's Shanghai Composite traded 1.78% higher at 2,967.68, while Shenzhen Composite was up 1.71%.

Hong Kong's Hang Seng Index (HSI) traded 2.22% up.

Japan's Nikkei 225 added 2.55% to trade at its highest in 14 months at 24,023.10. Tokyo Stock Exchange's TOPIX added 1.59%.

South Korea's KOSPI was up 1.54% at 2,170.25. Singapore's Straits Times Index (STI) added 0.59%.

Australia's S&P/ASX 200 traded 0.46% higher. New Zealand's NZX 50 was down by 0.59%.

India's SENSEX traded 1% higher at 40,987.84, and NIFTY was up 0.79%. Thailand's SET Index was also up by 0.78%.