Chinese stocks jump on trade optimism, HK stimulus

Friday, 16. August 2019 07:44

Chinese stocks posted strong gains on Friday on fresh trade optimism after United States President Donald Trump expressed confidence that Beijing wants a trade deal with the US and is not likely to impose countermeasures if Washington introduces additional tariffs in September despite the Chinese Finance Ministry warning it would retaliate. Meanwhile, China's Foreign Ministry said it hopes the US will "meet them halfway" on trade and implement the consensus reached during the G20 meeting in Osaka.

The Shanghai Composite climbed 0.65% at 7:38 am CET and the Shenzhen Composite jumped 1.19% at 7:24 am CET. Hong Kong's Hang Seng rose 0.77% at 7:30 am CET after China's special administrative region announced a $2.44 billion stimulus package.

The Nikkei 225 rose 0.11% at 7:40 am CET and the dollar traded flat against the yen, going for 106.1595 at 7:38 am CET.

On the other hand, South Korea's Kospi fell 0.73% at 7:19 am CET after North Korea reportedly fired two projectiles into the East Sea and ruled out the possibility of talks with Seoul as a result of the South's joint military drills with the US.

In Australia, the S&P/ASX 200 traded flat at 7:38 am CET.

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