Asian Equities Climb After Soft Inflation; Trump to Meet Kim Jong-un In Singapore

Date | 11-05-2018 - 10:59 AM Article Type | Stock Markets Region | World – Asian stocks were mostly higher in morning trade on Friday as soft inflation data released on Thursday sent U.S. equities to the highest levels in seven weeks. Reports that U.S. President Donald Trump said he would meet North Korean leader Kim Jong Un in Singapore received some attention.

The meeting, which would be held on June 12, would be the first between a North Korean leader and a sitting U.S. president.

“We will both try to make it a very special moment for World Peace!” Trump said in a Twitter message on Thursday.

Meanwhile, U.S. consumer prices rose by less than forecast in April as costs for automobiles and airfares declined, official data on Thursday said.

On Wall Street, the Dow climbed 0.8%, the Nasdaq gained 0.89% and the S&P 500closed 0.9% higher as investors trimmed expectations for four rate hikes after the softer-than-expected inflation report showed prices pressures remained weak.

In Asia, China’s Shanghai Composite and the Shenzhen Component opened 0.1% lower by 9:31PM ET (01:31 GMT), while Hong Kong’s Hang Seng Index climbed 1.0%.

Mahathir Mohamad, who won the Malaysia election on Thursday, said in his first remarks after being sworn in as prime minister that he would lead a “business-friendly administration”, and ensured that he would look for ways to boost Malaysia’s stock market. The 92-year-old politician said he would focus on improving the economy and reducing debt, adding that Malaysia would seek friendly ties with other countries as a trading nation.

“Our concern over the economy is the main thing,” Mahathir told reporters. “We would like to tell the business people to push up the value of the stock market. And on the currency, there is no cause to devalue the ringgit. We should ensure this.”

Elsewhere, Japan’s Nikkei 225 gained 0.9% while Australia’s S&P/ASX 200 added 0.3% in morning trade.


Author: PPS
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