Asia trades mostly higher with all eyes on US-China tension

Monday, 25. May 2020 07:32

Equities on major stock markets in the Asia-Pacific region traded mostly higher on Monday as investors focus on a growing dispute between China and the United States. Washington is considering imposing a new batch of sanctions against China over Beijing's plan to pass the Hong Kong national security law, according to White House National Security Advisor Robert O'Brien. Meanwhile, Chinese Foreign Minister Wang Yi claimed that the two countries are "on the brink of a new Cold War" as "the virus of politics" is spreading in the US.

On the economy front, Vice-Chairman of China's National Development and Reform Commission Ning Jizhe expects consumption to rebound nationwide in May as the country managed to contain the pandemic.

The Nikkei 225 gained 1.54% at 7:30 am CET, while the Kospi in Seoul went up by 1.05% at the same time. The Shanghai Composite added 0.08% at 7:28 am CET, the Hang Seng and the Shenzhen Composite slid 0.65% and 0.21% at 7:30 am CET, respectively. The S&P/ASX 200 surged 1.80% at the same time.

The dollar climbed 0.05% against the yen to go for 107.6835 at 7:31 am CET.

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Breaking the News / GA