|
Asian stocks advanced on Monday as softer-than-expected U.S. inflation report raised hopes of Federal Reserve rate cuts and reports suggested that the United States and China were closing in on a trade deal. Investors are anticipating a potential accord after top negotiators from both sides reported progress on contentious issues ahead of a meeting between Presidents Donald Trump and Xi Jinping later this week. China's Shanghai Composite index rallied 1.18 percent to 3,996.94, hitting a new 10-year high following high-level trade talks in Malaysia. According to U.S. Treasury Secretary Scott Bessent, Washington and Beijing have reached a very substantial framework that would prevent the U.S. from imposing 100 percent tariffs on Chinese goods and allow for a deferral of China's rare earths export controls. Investors also cheered data that showed China's industrial profits soared 21.6 percent in September from a year ago, marking the biggest jump since November 2023. Hong Kong's Hang Seng index surged 1.05 percent to 26,433.70, with tech and pharma stocks leading the surge. Powered by Capital Market - Live News
|