Asian markets rally after the US delays some tariffs on China

Posted Wednesday, 14 August 2019 ‐ CNN

Hong Kong (CNN Business)Asian stocks rallied Wednesday after the United States decided to postpone some tariffs on Chinese goods, fueling hopes for a trade deal between the two countries.Hong Kong's Hang Seng Index (HSI)gained 0.5%, with tech stocks leading the way. Tencent advanced 2.7% ahead of its quarterly results, which will be released later in the day. AAC Technologies and Sunny Optical Technology jumped 1.5% and 9.8%, respectively. Both are suppliers of Huawei, the Chinese tech company that has become a flashpoint in the trade war.China's Shanghai Composite Index (SHCOMP) advanced 1%.Japan's Nikkei 225 (N225) rose 0.9%. South Korea's Kospi (KOSPI) gained 1.2%. Australia's S&P/ASX 200 added 0.1%.The Chinese yuan also rallied on the onshore market, after China's central bank guided the currency higher for the first time in more than a week.The yuan gained 0.3% from Tuesday's levels, trading at around 7.04 per US dollar in mainland China.But in the offshore market, where the yuan moves more freely, it traded weaker than it did Tuesday -—at around 7.03 yuan per dollar.Here are some other big moves at 10:30 a.m. Hong Kong time:


  • Stocks for airport operators in southern China soared after Hong Kong's mass protests hit the city's airport and disrupted flights for a second day Tuesday. Airports near Hong Kong are expected to benefit from the disruption in the city, CITIC Securities analysts wrote in a research report.Shenzhen Airport jumped 2.4%, following a 10% gain Tuesday.


  • Cathay Pacific Group (CPCAY) rebounded more than 3.6%in early trading in Hong Kong. The airline carrier's stock has been heavily hit by the mass protests.

  • Stocks in Asia took a positive lead from Wall Street. US markets soared Tuesday. The Dow (INDU) rose about 373 points, or 1.4%. The S&P 500 (SPX) and Nasdaq (COMP) gained 1.5% and 2% respectively.

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