Asian markets climbed on Monday ahead of the second round of trade talks between the US and China, set to take place in London later today.
In South Korea, the Kospi jumped 1.9% to 2,865.52. Chinese stocks also advanced despite weaker economic data. Exports rose 4.8% year-on-year in May, down from April’s 8% growth, with shipments to the US falling nearly 10%. Consumer prices in China declined by 0.1%, marking a fourth straight month of deflation.
Hong Kong’s Hang Seng Index gained 1.4% to 24,119.64, while the Shanghai Composite edged up 0.4% to 3,397.13.
Japan’s Nikkei 225 rose 1.1% to 38,137.09 even as official figures showed the economy contracted 0.2% in the first quarter. Australia’s markets remained closed due to a public holiday.
Meanwhile, Wall Street ended last week on a high note following a stronger-than-expected US jobs report. All sectors in the S&P 500 posted gains, lifting the index to its second consecutive weekly advance and bringing it within reach of record highs.
The S&P 500 climbed 1% to 6,000.36, the Dow Jones Industrial Average rose 1% to 42,762.87, and the Nasdaq advanced 1.2% to 19,529.95.
