Asian markets trade higher, China stocks rally

Monday, 19. August 2019 07:45

Asian markets moved higher on Monday supported by several pieces of economic and trade news. Investors welcomed an announcement from the People's Bank of China of its plans to lower borrowing costs for companies. Meanwhile, United States President Donald Trump reflected on the trade war with China on several occasions over the weekend.

In other news, protests in Hong Kong continued for the 11th consecutive week, with a reported 1.7 million people in attendance at Sunday's march. On the data front, Japan's trade deficit widened to ¥249.6 billion in July.

The Nikkei 225 jumped 0.74% at 7:20 am CET, while the South Korean Kospi Composite gained 0.58%.

In China, the Shanghai Composite surged 1.62% at 7:39 am CET, while the Shenzhen Composite rallied 2.59% at 7:41 am CET. Hong Kong's Hang Seng climbed 2.14% at the same time.

Australia's S&P/ASX 200 traded 0.94% higher at 7:42 am CET.

The dollar was flat compared to the yen, selling for ¥106.369 at 7:43 am CET.

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