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ASIA MARKETS: Asian Stocks Rise On Hopes Of U.S.-Mexico Deal To Avert Tariffs

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06/07/2019 | 09:02am EDT

By Associated Press and Marketwatch

Nikkei gains; markets closed in China

Asian shares traded mostly higher Friday on investor optimism about a possible trade deal between the U.S. and Mexico before tariffs take effect.

Japan's Nikkei 225 gained nearly 0.5%, while Australia's S&P/ASX 200 rose 0.9%. South Korea's Kospi was up 0.1% and Singapore's Straits Times Index advanced 0.6%. Markets in Hong Kong, mainland China and Taiwan were closed for a holiday.

Among individual stocks, Yahoo Japan rose in Tokyo trading, along with Japan Steel and Nintendo . LG Electronics and SK Hynix gained in South Korea. BHP and Beach Energy advanced in Australia.

A modest Wall Street rally gained strength in the final hour of trading Thursday after Bloomberg reported that the U.S. was considering delaying a 5% tariff on Mexican goods, set to go into effect on Monday. The report came as the two countries held a second day of trade talks.

President Donald Trump said he'll make a decision about ramping up tariffs on China after he speaks with Chinese President Xi Jinping this month during the G-20 meeting in Japan, which brings together leaders of developed and developing countries.

Trump ordered tariffs of up to 25% on hundreds of billions of dollars' worth of Chinese exports and his administration is preparing to extend them to $300 billion more -- almost all items shipped to the U.S. from China. China has reciprocated with tariffs of its own, among other measures.

The trade dispute with Mexico and China threatens to stifle economic growth in the U.S. and globally. Uncertainty surrounding the trade negotiations has sent many traders fleeing to safer investments, like bonds and gold.

Investors are also watching the U.S. jobs data due later in the day for signs of where the economy is going. The data showed far fewer jobs than expected were created in May.

Stocks mentioned in the article
ChangeLast1st jan.
BEACH ENERGY LTD 2.16% 1.895 End-of-day quote.37.92%
BHP GROUP LTD -0.15% 41.06 End-of-day quote.20.13%
JAPAN STEEL WORKS LTD 2.99% 1826 End-of-day quote.5.49%
KOSPI COMPOSITE INDEX 1.49% 2095.65 Real-time Quote.1.14%
LG ELECTRONICS INC. End-of-day quote.
NIKKEI 225 2.00% 21466.99 Real-time Quote.7.60%
NINTENDO CO., LTD 0.59% 41190 End-of-day quote.44.98%
S&P/ASX 200 0.77% 6700.3 Real-time Quote.17.61%
SK HYNIX INC End-of-day quote.
YAHOO JAPAN CORPORATION 0.93% 325 End-of-day quote.22.18%
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