Asian Markets Move Higher on Positive Trade News

Investing.com – Asian markets moved higher in morning trade on Tuesday, following gains on the Wall Street overnight amid positive Sino-U.S. trade news.

China’s was little changed at 2,941.32 by 10:35 PM ET (02:35 GMT), while the gained 0.4%.

U.S. President Donald Trump said during a Cabinet meeting at the White House that China has begun buying American agriculture products. “I want more,” he added.

Le Yucheng, China’s Vice Foreign Minister, said the two sides have achieved some progress in trade negotiations. “The world wants China and the United States to end their trade war,” he said.

“Fuelling the positive mood music have been comments from President (Donald) Trump’s chief economic adviser Larry Kudlow saying that while down to Trump, he sees the possibility of taking off the threatened December tariff increases, as China requested, if the trade talks go well,” Ray Attrill, head of foreign-exchange strategy at the National Australia Bank, wrote in a morning note.

Some believe Trump and Chinese President Xi Jinping will sign a partial trade deal in Chile next month during the Asia-Pacific Economic Cooperation meetings.

Meanwhile, the People’s Bank of China added 250 billion yuan ($35 billion) into the banking system via seven-day reverse repurchase agreements. It was the largest amount in a daily open market operation since May.

Hong Kong’s Hang Seng Index traded 0.2% higher.

South Korea’s KOSPI moved 1.0% higher.

Down under, Australia’s ASX 200 rose 0.3%.

Rio Tinto Group made headlines after the group said it is looking to boost its exposure to the electric car battery revolution.

The company will start producing lithium in California that is needed in rechargeable batteries for electric vehicles.

“If the trials continue to prove successful, this has the potential to become America’s largest domestic producer of battery-grade lithium – all without the need for further mining,” Bold Baatar, chief executive officer of Rio’s energy and minerals division, said in a statement.

Japan is closed for a public holiday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.