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Hong Kong, China stocks advance on positive discussion between Beijing and US officials amid trade, coronavirus tensions
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Hong Kong and China stocks gained Friday, as investors cheered a call between Washington and Beijing that eased tensions and wagered that moves to open up economies after coronavirus lockdowns will succeed.
Elsewhere in the region, stocks advanced, led by Japan’s Nikkei 225, which jumped 2.6 per cent on excitement authorities approved the Gilead Sciences antiviral drug remdesivir for use on severe Covid-19 patients.
Investors have been concerned about US-China tensions over the spread of the coronavirus and implementation of the phase one trade deal. But senior negotiators from the two economic powers spoke by phone Friday and “vowed to implement their trade deal and boost cooperation on public health”, the official Xinhua News Agency reported.
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The call was of “substantial relief to markets, as the last thing the world economy needed right now, was an escalation in hostilities on that front,” said Jeffrey Halley, Asia-Pacific senior market analyst at OANDA.
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Plans to reopen economies – from states in the US to Australia and Thailand – also boosted sentiment.
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