Trump-Xi meeting: Asian stock markets surge after confirmation; US-China trade tensions expected to ease
Asian stock markets remained mostly high on Friday after the White House confirmed that US President Donald Trump will meet Chinese leader Xi Jinping next week.The announcement eased some uncertainty over trade tensions between the world’s two largest economies, although the likelihood of a major trade deal remains unclear.Chinese markets also gained after the ruling Communist Party concluded an important planning meeting without introducing major policy changes, as reported by news agency Associated Press.Hong Kong’s Hang Seng index rose 0.6% to 26,122.10, while the Shanghai Composite added 0.4% to 3,938.98.Japan’s Nikkei 225 rebounded nearly 1.5% to 49,380.25. The rise, led by tech shares, was supported by optimism over the Trump-Xi meeting.Data showed Japan’s core inflation rose to 2.9% in September from 2.7% in August.Despite rising prices, the Bank of Japan is expected to keep interest rates unchanged next week, in line with newly elected Prime Minister Sanae Takaichi’s preference for low rates.In South Korea, the Kospi surged 2.3% to 3,935.75, reaching a new record as trade optimism and gains on Wall Street boosted investor sentiment.Australia’s S&P/ASX 200 slipped 0.1% to 9,027.00 after preliminary data showed factory activity contracted in October. India’s BSE Sensex was nearly unchanged, while Taiwan’s market was closed for a holiday.On Wall Street, US stocks rose near record levels on Thursday, helped by oil price gains after Trump announced “massive” sanctions on Russia’s oil sector.The S&P 500 climbed 0.6% to 6,738.44, within 0.2% of its all-time high, the Dow Jones Industrial Average added 0.3% to 46,734.61, and the Nasdaq rose 0.9% to 22,941.80.Oil and gas companies led gains, including Exxon Mobil, ConocoPhillips and Diamondback Energy, as crude prices surged about 5.5% following sanctions against Russian firms Rosneft and Lukoil.The measures aim to pressure Russian President Vladimir Putin to end the war in Ukraine and could affect global oil supplies.Oil prices, however, remained below early-year highs. US crude fell 22 cents to $61.57 per barrel, while Brent crude slipped 21 cents to $65.78.Strong earnings from major US companies also lifted markets. Dow Chemicals rose 12.9%, Las Vegas Sands jumped 12.4% after better-than-expected profits and Tesla climbed 2.3% despite weaker profits, supported by higher revenue.Gold prices edged lower early Friday, falling 0.4% to $4,129.30 per ounce. In currency markets, the US dollar rose to 152.96 Japanese yen, while the euro slipped to $1.1608.
