Asian markets rally on Trump-Xi meeting hopes
Asian stock markets advanced on Friday after Washington confirmed that trade discussions between American and Chinese leaders will take place at next week’s regional summit. Tokyo gained more than 1%, while Hong Kong, Shanghai, and Seoul posted gains following White House announcements about the October 30 meeting.
Wall Street’s three main indexes closed higher on Thursday as investors welcomed the prospect of reduced commercial friction between the world’s largest economies. Technology shares led gains across the region after Intel reported strong revenue projections for the coming quarters.
Oil retreated slightly from earlier advances sparked by American sanctions targeting Russian energy producers Rosneft and Lukoik. Crude climbed eight percent this week as Washington pressured Moscow to end its Ukraine military campaign. Analysts questioned whether enforcement would effectively curtail Russian exports.
China’s leadership promised stronger consumer stimulus measures following closed meetings this week. Federal Reserve rate decisions remain in focus as American inflation data approaches release, following the government’s return to Washington.
