Fri, 14 Aug 2020

HONG KONG - Asian stock markets soared on Wednesday, taking their cue from American and European stocks that shot sharply higher overnight.

The shot in the arm has come from U.S. President Donald Trump who said talks with China on trade were re-starting and he would be meeting Chinese President Xi Jinping on the sidelines of the G20 later this month.

The biggest mover was the Hong Kong Hang Seng which accelerated 703.37 points or 2.56% to 28,202.14.

In Japan, the Nikkei 225 advanced 361.16 points or 1.72% to 21,333.87.

The Australian All Ordinaries gained 80.60 points or 1.21% to 6,728.50.

China's Shanghai Composite climbed 27.65 points or 0.96% to 2,912.80.

On foreign exchange markets the U.S. dollar relinquished a minor portion of its recent gains as profit-taking set in.

The euro rose to 1.1201 by late trade in Hong Kong.

The British pound cruised to 1.2577.

The Japanaese yen and Swiss franc firmed to 108.41 and 0.9987.

The Canadian dollar edged up to 1.3374. The Australian dollar was a fraction higher at 0.6875. The New Zealand dollar advanced to 0.6525.

On Wall Street overnight, the Dow Jones industrials jumped 353.01 points or 1.35% at 26,465.54.

The Standard and Poor's 500 gained 26.08 points or 0.97% to 2,917.75.

The Nasdaq Composite did best of all, rising 108.86 points or 1.39% to 7,953.88.

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