Asian stock markets experienced a general upward trend on Monday morning. This rise is attributed to increasing global interest in artificial intelligence technology. Additionally, positive developments from trade discussions over the weekend between Chinese and US officials have contributed to this optimistic market sentiment.
US-China Dialogue on AI Amid Central Bank Actions
Global stock markets concluded last week with mixed results, influenced by central banks’ efforts to combat inflation, notably the US Federal Reserve’s decision to raise interest rates on Wednesday.
In a significant development, US and Chinese economic officials convened on Sunday for discussions focusing on trade and artificial intelligence (AI). This meeting precedes a highly anticipated summit scheduled for Thursday between US President Donald Trump and Chinese President Xi Jinping in Washington.
US Treasury Secretary Scott Bessent reported that the two nations engaged in extensive dialogue, culminating in a proposal to establish a communication channel dedicated to AI-related issues, termed the ‘US-China AI dialogue.’
Chinese state media characterized the discussions as ‘candid, in-depth and constructive,’ reflecting a willingness to address critical topics in the bilateral relationship.
South Korea’s tech-heavy benchmark surged 1.5 percent, while shares in Shanghai gained 0.5 percent. West Texas Intermediate: DOWN 2.1 percent at $98.19 per barrel Brent North Sea Crude: DOWN 2.0 percent at $101.77 per barrel Hong Kong – Hang Seng Index: UP 0.5 percent at 24,875.93 Shanghai – Composite: UP 0.5 percent at 3,932.64 Tokyo – Nikkei 225: closed for a holiday Dollar/yen: UP at 156.83 yen from 156.73 yen on Friday Euro/dollar: DOWN at $1.1482 from $1.1487 Pound/dollar: DOWN at $1.3386 from $1.3395 Euro/pound: UP at 85.78 pence from 85.76 pence pfc/abs This article was generated from an automated news agency feed without modifications to text. Pressure has increased on monetary authorities around the world in recent months as oil prices remain elevated due to the war between the United States and Iran, which shows little sign of ending anytime soon.
“Scott Bessent and Chinese Vice Premier He Lifeng have already laid the groundwork in New York, with trade, investment and artificial intelligence on the table, but this is not a market waiting for a grand bargain,” wrote Stephen Innes at Quintex Intel. “It is waiting to see whether both sides can keep the next trade grenade in the drawer,” he added. Tokyo was closed for a public holiday, while Sydney’s main index was down slightly.
Hong Kong’s main index was up half a percent one hour after trading started on Monday morning.
But both major crude contracts remain around $100 a barrel, significantly higher than pre-war levels. – Key figures at around 0230 GMT –
That followed earlier tightening this month by the European Central Bank and the US Federal Reserve. In a widely expected move, the Bank of Japan raised interest rates on Friday to a three-decade high, but the yen sank against the dollar on fears the pace of hikes might be slower than expected. Oil prices fell on Monday morning, adding to Friday’s declines on hopes that Saudi Arabia was moving to restore about half of crude shipments within days after they were disrupted by the stoppage of its East-West pipeline to the Red Sea.
