Asian markets post fresh gains, China growth slows to 28-year low
Hong Kong (AFP) Asian markets on Monday built on last week’s rally as investors cheered a report that China had offered to eliminate its massive trade surplus with the United States, while data showed Chinese economic growth hit forecasts in 2018.
Regional equities picked up where they finished Friday after Bloomberg said Beijing had pledged to ramp up spending on US goods over the next five years.
While there was some scepticism over the offer, observers said it indicated that talks between the economic superpowers were heading in the right direction.
The news provided further support to shares, which were already being buoyed by hopes the two sides would be able to resolve the tariffs spat, which has hammered world markets for almost a year.
China’s top economics negotiator is due to visit Washington later this month for more talks as the end of a 90-day truce agreed between Donald Trump and Xi Jinping draws closer.
“For now markets are going ahead with the growing perception that there is a lot of willingness by both parties to make a deal,” said National Australia Bank senior strategist Rodrigo Catril.