Japanese stocks hit record high after US-China summit

US President Donald Trump (left) and Chinese President Xi Jinping during a meeting on October 30. Photo: NPR

Japanese shares led gains in Asian markets as investors assessed a truce between Washington and Beijing.

The two sides reached a trade deal at a key meeting in South Korea aimed at easing tensions over rare earth elements that had threatened to plunge the world's two largest economies into a full-blown trade war.

Japan's Nikkei 225 index rose more than 1% to a fresh record, while the Topix gained 0.79%, also hitting a fresh peak.

South Korea's Kospi index rose 0.22 percent after hitting a fresh record high on Oct. 30. The small-cap Kosdaq index rose 0.47 percent.

Australia's S&P/ASX 200 index opened up 0.45%.

Hong Kong's Hang Seng Index fell 0.33%, while mainland China's CSI 300 Index was flat.

After a summit meeting with Chinese President Xi Jinping on the sidelines of the 32nd APEC Economic Leaders' Meeting in South Korea, US President Donald Trump said that Beijing had agreed to postpone for one year the restriction on rare earth material exports and that this decision could be "regularly extended".

Speaking to reporters aboard Air Force One, President Donald Trump announced: "We had a deal. Now, every year, we're going to renegotiate the deal. All the rare earths are taken care of, and that's for the world ."

President Donald Trump described his meeting with President Xi Jinping as a "great success" and added that he will visit China in April next year to renegotiate.

A White House official also confirmed that the two leaders "came to an agreement". China will not impose controls on rare earths. President Donald Trump will soon sign a trade deal with China, but he did not mention the TikTok issue.

Meanwhile, Chinese President Xi Jinping said that the economic and trade delegations of the two countries had in-depth talks and reached consensus on solutions to many issues. He noted that economic and trade exchanges should be the foundation and driving force of relations, not an obstacle or source of conflict.

The Chinese president called on both sides to focus on the long-term benefits of cooperation, instead of falling into a vicious cycle of retaliation. He also called on economic and trade groups on both sides to continuously narrow the list of contentious issues and expand the list of cooperation based on the principles of equality, respect and mutual benefit.

The US will cancel 10% tariffs on fentanyl products and suspend additional 24% reciprocal tariffs on Chinese goods, including goods from the Hong Kong Special Administrative Region and the Macau Special Administrative Region, according to a spokesperson for China's Ministry of Commerce.

China will adjust corresponding measures, including controls on precursors that can produce fentanyl, it said, noting that both sides have agreed to continue extending some tariff exemptions.

In addition, the US side will temporarily suspend measures under Section 301 of the investigation targeting China's maritime, logistics and shipbuilding industries for 1 year. In addition, the two sides also reached consensus on issues including cooperation in counter-narcotics related to fentanyl, expanding agricultural trade...

According to analysts, both sides have withdrawn some of their most powerful "weapons" from the negotiating table. But this is more like a detente tactic, rather than an agreement to achieve a long-term " peace " and establish a stable boundary for China-US trade relations. In the next 1 year, both sides will continue to strengthen their forces and the "confrontation" between the two economies will not end.

According to Xinhua News Agency, NDTV, CNN

Source: https://hanoimoi.vn/chung-khoan-nhat-ban-tang-ky-luc-sau-cuoc-gap-thuong-dinh-my-trung-721665.html