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Nikkei Markets

Asian shares rebound on US-China trade truce signal

Hong Kong Exchanges & Clearing slips 0.5%, Alibaba launches HK public offering

HONG KONG (Nikkei Markets) -- Asian shares outside of Japan rebounded Friday, buoyed by indications that U.S. and China were close to reaching a trade deal.

The Nikkei Asia300 Index of companies outside Japan advanced 0.5% to 1,315.27 on Friday after shedding 2.5% this week through yesterday.

Asian equities and currencies were supported by comments by Larry Kudlow, Donald Trump's top economic advisor, which indicated that trade discussions with China were going well and that a deal was imminent. Kudlow said that the deal was "coming down to short strokes" and the two countries were communicating every single day, according to Bloomberg.

Kudlow's comments were in contrast to a report by the Financial Times that an agreement may not be reached in time to avoid a new round of U.S. tariffs that takes effect in a month from now.

Hong Kong Exchanges & Clearing slid 0.5%. Alibaba Group Holding on Friday commenced its Hong Kong public offering that could see the Chinese e-commerce major raise about HK$94 billion ($12 billion) in gross proceeds.

An index of Chinese companies listed in Hong Kong ended flat on Friday. China Southern Airlines advanced 0.6% after saying that passengers carried last month increased 7.3% from a year ago. Heavyweight China Construction Bank added 0.5%.

Singapore Telecommunications declined 3.6% after it swung to a net loss of S$668.1 million ($490 million) in the fiscal second quarter compared with net profit of S$667.2 million a year ago.

Sembcorp Industries declined 1.3% after the Singaporean conglomerate's third quarter net profit declined 13.4% year-on-year.

State Bank of India, up 5.2%, led a slew of Indian lenders higher on the back of a judgment by the country top court regarding the distribution of proceeds from the insolvency of a steel firm. Bank of India advanced 4.7% and Syndicate Bank added 3.7%.

Bharti Airtel jumped 8.4%. While the Indian telecom company posted a wider than expected net loss for the July-September period on account of exceptional charges, the company's operating earnings beat estimates of some analysts.

-- Nimesh Vora

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