Asian shares climb on Trump-Xi meeting announcement
Asian shares were mostly higher on Friday following confirmation from the White House that President Donald Trump will meet Chinese leader Xi Jinping next week.
The announcement helped reduce uncertainty surrounding trade tensions between the world’s two largest economies, although a significant trade deal remains uncertain, News.Az reports, citing AP.
In China, benchmarks rose after the ruling Communist Party concluded an important planning meeting without major policy changes. Hong Kong’s Hang Seng index gained nearly 0.6% to 26,111.14, while the Shanghai Composite index added more than 0.6% to 3,947.53.
Japan’s Nikkei 225 rebounded 1.4% to 49,299.65, recovering from the previous day’s losses. Tech shares were among the top gainers as sentiment improved following the Trump-Xi announcement. Data released Friday showed Japan’s core inflation rate increased to 2.9% in September from 2.7% in August. Despite higher prices, the Bank of Japan is widely expected to maintain interest rates, with newly elected Prime Minister Sanae Takaichi supporting low rates.
South Korea’s Kospi surged nearly 2.6% to 3,943.90, setting a fresh record as Wall Street gains and trade optimism boosted investor sentiment.
Elsewhere in the region, Australia’s S&P/ASX 200 slipped 0.2% to 9,019.00 after preliminary data showed factory activity contracted to 49.7 in October from 51.4 in September. India’s BSE Sensex fell 0.2%, while Taiwan’s stock market remained closed for a holiday.
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