Hopes for U.S.-China trade talks help push Asian shares higher

Yuri Kageyama, The Associated Press</span>
Published Tuesday, December 11, 2018 11:56PM EST

TOKYO -- Asian shares rose Wednesday amid hopes for U.S.-China trade talks.

ASIA'S DAY: Japan's benchmark Nikkei 225 added 1.7 per cent in early trading to 21,501.95. Australia's S&P/ASX 200 edged up 0.8 per cent to 5,618.70. South Korea's Kospi was up nearly 1.0 per cent at 2,073.20. Hong Kong's Hang Seng added 1.5 per cent to 26,166.63, while the Shanghai Composite index rose 0.5 per cent to 2,607.24.

TRADE TALKS: Recent media reports say China agreed to reduce tariffs on U.S. autos. That raised hopes the two countries can make progress on their trade dispute. Investors worry weaker global trade would dent economic growth around the world and corporate profits.

WALL STREET: The S&P 500 dipped by 0.94 points, or less than 0.1 per cent, to 2,636.78, while the Dow Jones industrial average fell 53.02, or 0.2 per cent, to 24,370.24, and the Nasdaq composite rose 11.31, or 0.2 per cent, to 7,031.83. Slightly more stocks fell on the New York Stock Exchange than rose.

THE QUOTE: "U.S.-China trade developments appear to be the outstanding item set to aid Asia markets," said Jingyi Pan, market strategist at IG in Singapore. "Much needed positive news in the form of auto tariff reduction underpinned the early optimism."

ENERGY: Benchmark U.S. crude oil gained 64 cents to $52.29 a barrel. It rose 65 cents to settle at $51.65 per barrel Tuesday. Brent crude, the international standard, gained 67 cents to $60.87.

CURRENCIES: The dollar rose to 113.49 Japanese yen from 113.08 yen late Tuesday. The euro slipped to $ 1.1333 from $1.1384.

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