Yahoo Finance Asian Equities Gain; China, Japan Closed for Holidays
Investing.com - Asian stocks were higher in morning trade on Monday, with Japan closed on Monday, Tuesday and Friday this week for Golden Week while China shut Monday and Tuesday.
Talks between South and North Korea were in focus as South Korean President Moon Jae-in’s spokesmen said on Sunday that North Korea would shut down its main nuclear test site in May.The news came after North Korean leader Kim Jong-un pledged “complete denuclearization” at a meeting with Moon on Friday.
Kim told Moon that he “isn’t the type of person” to use nuclear weapons, reports on Sunday said. Kim is due to meet U.S. President Donald Trump later this year.
The KOSPI gained 0.4% following the development.
Meanwhile, T-Mobile US Inc (NASDAQ:TMUS) made headlines after it agreed to acquire Sprint Corp (NYSE:S) for $26.5 billion in stock. The deal would reduce the wireless industry to three major competitors from four and potentially invite heavier scrutiny from regulators.
Hong Kong’s Hang Seng Index jumped 1.0% in morning trade. PetroChina Co (HK:0857) profit rose 78% in the first quarter as the country’s largest oil and gas producer benefited from a rally in crude prices, according to an earnings statement. Meanwhile, United Company Rusal (HK:0486) surged 5.1% as Oleg Deripaska reduced his stake in EN+, the largest shareholder in Rusal, to below 50%, He will also resign from the sanctioned firm's board, a regulatory filing in London said.
Down under, Australia's S&P/ASX 200 climbed 0.3%.
Looking ahead, The U.S. Federal Reserve is expected to keep rates unchanged this week, while The Reserve Bank of Australia’s is expected to keep rates on hold on Tuesday, as they’ve been for more than one and a half years.
China manufacturing and services purchasing-manager indexes are due later this week.
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