Asian stocks soar as US-China trade hopes rise
Asian markets climbed on Monday as progress in trade negotiations between China and the United States lifted investor sentiment ahead of central bank meetings and major corporate earnings reports. Senior economic officials from both countries agreed on a preliminary framework that awaits approval from President Donald Trump and Chinese President Xi Jinping at their meeting in South Korea this week.
South Korean and Japanese stock indexes each rose more than 2 percent to record levels. The Nikkei surpassed 50,000 points for the first time while the KOSPI moved above 4,000. The Australian dollar gained 0.42 percent to reach 65.41 cents against the greenback near a two-week peak.
The Federal Reserve meets this week with expectations pointing toward a 25 basis point rate cut after September inflation data came in below forecasts. The European Central Bank and Bank of Japan will likely maintain current rates. Microsoft, Apple, Alphabet, Amazon and Meta Platforms report quarterly results this week.
Gold dropped 1 percent as investors shifted away from safe assets. Agricultural commodities gained on optimism about improved trade relations between the world’s two largest economies.
