Nikkei, CSI 300: Asian stock markets benefit from tech stocks and hopes for US-China summit
Investors are hoping for an extension of the trade agreement between the USA and China. In addition, there is a very positive AI mood, which is currently benefiting South Korea and Taiwan.
Asian stock markets gained momentum on Tuesday, propelled by a surge in tech stocks and optimism surrounding a potential US-China trade summit. However, the Tokyo market remained closed for a holiday. The Shanghai Composite index rose 0.5% to 3,968 points, while the CSI 300 index, comprising China's 300 largest mainland companies, increased 0.9% to 4,580 points.
Nikkei Futures closed at 66,490, up from the previous day's finish of 65,018. The market's focus is on the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping in Washington, with investors anticipating a continuation of the trade deal and potential cooperation in artificial intelligence (AI). Chinese AI stocks and tech shares enjoyed significant gains, and Hong Kong's tech stocks saw strong price increases, making them the clear winners of the trading day.
According to Chris Weston, chief analyst at broker Pepperstone, the rally was fueled by renewed confidence in semiconductor demand, lower oil prices, falling bond yields, and optimism ahead of the US-China summit. Additional support came from enthusiasm for Meta's new AI assistant "Muse." Nick Twidale, chief market strategist at ATFX Global, noted that investors are returning to AI, as has been the case throughout the year.
Trump's openness to meeting Iranian President Mahmud Peseschkian during a side event at the UN General Assembly also provided a sense of relief.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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