Asian shares rise on reports China, US may resume trade talks

Published: August 01, 2018 12:31:06 | Updated: August 03, 2018 13:18:09

File Photo (Collected)

Asian shares are mostly higher as traders watch to see what might come of reports the US and China are looking to restart trade talks.

Japan's Nikkei 225 index rose 0.7 per cent to 22,713.08 and South Korea's Kospi added 0.4 per cent to 2,304.03. The Shanghai Composite index lost 0.3 per cent to 2,867.33.

Hong Kong's Hang Seng index was flat at 28,555.32. Australia's S&P ASX 200 was almost flat at 6,279.10. Shares were higher in Taiwan, Indonesia and Singapore.

US stocks rose on strong results from industrial and health care companies and on the anonymously sourced reports that the US and China are trying to restart trade talks.

S&P 500 added 0.5 per cent to 2,816.29 on Tuesday. The Dow Jones Industrial Average gained 0.4 per cent to 25,415.19 and the Nasdaq composite was 0.5 per cent higher at 7,671.79.

Benchmark US crude dropped 38 cents to $68.38 per barrel in electronic trading on the New York Mercantile Exchange. It lost 2 percent to settle at $68.76 per barrel on Tuesday.

Brent crude, used to price international oils, fell 28 cents to $73.93 per barrel.

The dollar rose to 111.97 yen from 111.83 yen. The euro slipped to $1.1677 from $1.1697.

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