Saikyo Sakura Assets Says Asia Markets Advance As Shares Jump In Hong Kong & Shenzhen

Saikyo Sakura Assets Says Asia Markets Advance As Shares Jump In Hong Kong & Shenzhen.
Saikyo Sakura Assets Says Asia Markets Advance As Shares Jump In Hong Kong & Shenzhen.

Saikyo Sakura Assets has commented saying that Asia markets gained on Friday ahead of U.S. non-farm payrolls numbers due later in the day. Global Investors also watched for developments on the trade front after markets rallied on the back of news that the U.S. and China could return to the negotiating table next month.

Mainland Chinese stocks rose on the day, with the Shanghai composite gaining 0.46% to about 2,999.60 and the Shenzhen component adding 0.41% to 9,823.42. The Shenzhen composite advanced 0.355% to approximately 1,657.50.

Hong Kong’s Hang Seng index also added 0.56%, as of its final hour of trading. Ratings agency Fitch downgraded the city from “AA+” to “AA” on Friday, following a protracted period of unrest that has lasted for months.

Saikyo Sakura Assets said Thursday that Liu He, the country’s top trade negotiator, spoke by phone with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

They agreed to meet in early October for another round of negotiation, according to the Chinese Commerce Ministry. China insiders have also hinted that the upcoming trade talks could lead to a ‘breakthrough.’

A U.S. Trade Representative spokesperson confirmed to CNBC the phone call between the two sides but not the October meeting.

In Japan, the Nikkei 225 closed 0.54% higher at 21,199.57, while the Topix index added 0.17% to finish the trading day at 1,537.10. Saikyo Sakura Assets analysts gathered data that showed on Friday that household spending in the country rose for an eighth straight month in July, though the pace of growth was slower than expected.

Household expenditure increased 0.8% in July as compared to a year earlier, missing expectations of a 1.1% gain in a median forecast, Reuters reported citing government data.

South Korea’s Kospi ended 0.22% higher at 2,009.13, while the S&P/ASX 200 in Australia advanced 0.52% to close at 6,647.30. Overall, the MSCI Asia ex-Japan index rose 0.59%.

The session in Asia followed strong overnight gains on Wall Street that saw the Dow Jones Industrial Average surging more than 350 points.

To view the original release of this article, please visit our Medium pagehere.
For more information on market updates please visit Saikyo Sakura Assets.

You may also like...