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Asia report: Markets higher as Beijing and DC make progress on trade
Markets in Asia were mostly higher on Monday, with market watchers reading weekend developments in trade talks between the US and China as positive, lifting regional sentiment.
In Japan, the Nikkei 225 was up 0.31% at 23,002.37, as the yen weakened 0.43% against the dollar to last trade at JPY 111.26.
The broader Topix index was lower, however, finished 0.08% behind as insurance plays and steel producers weighed in Tokyo.
On the mainland, the Shanghai Composite was up 0.66% at 3,214.36, and the smaller, technology-heavy Shenzhen Composite added 1.05% to 1,848.06.
Shipping companies were given a leg-up by the positive trade talks, with Cosco Shipping Holdings advancing 7.39%.
South Korea's Kospi was 0.2% higher at 2,465.57, while the Hang Seng Index in Hong Kong added 0.6% to 31,234.35.
Seoul-based technology firm LG Electronics was up 0.71% after news that LG Group chairman Koo Bon-moo passed away over the weekend.
Koo's son was expected to be nominated to the board as part of LG's succession plans.
Not all parts of the chaebol were in the green, however, with LG Chem off 1.6% and LG Display down 1.1%.
Ongoing negotiations between Beijing and Washington were seen as moving positively on the first day of the trading week, as investors reacted to comments from Steven Mnuchin on Sunday that the two nations were "putting the trade war on hold".
Both China and the US said they agreed to "substantially reduce" the US trade deficit with China in a joint statement issued on Saturday.
Their plans included China increasing its purchases of American goods and services, though the statement made no reference to any numbers.
"Overall, markets should view this positively at the open this week, but will continue to be attentive to further developments," noted analysts at ANZ.
Oil prices were mixed, with Brent crude last down 0.38% at $78.21 per barrel and West Texas Intermediate advancing 0.11% to $71.36.
In Australia, the S&P/ASX 200 slipped 0.05% to settle at 6,084.50, with the hefty financials and materials subindices dragging the benchmark down.
Across the Tasman Sea, New Zealand's S&P/NZX 50 was down 0.5% at 8,615.72, led lower by specialist manuka honey exporter Comvita, which fell 8%.
Comvita said it had pulled out of talks with an unnamed suitor, as the two parties couldn't reach an agreement on the price of any takeover.
It was a mixed picture for the down under dollars, with the Aussie last 0.48% stronger on the greenback at AUD 1.3253, while the Kiwi was flat, dipping just 0.01% to NZD 1.4451.