Asian Markets Rise; Chinese Stocks Gain Amid Better-Than-Expected May Trade Data By Investing.com



© Reuters.

Investing.com – Asian markets rose in morning trade on Monday, with Chinese stocks gained about 1% following the release of better-than-expected May trade data.

The and the traded 1.0% and 0.9% respectively by 10:45 PM ET (02:45 GMT). Hong Kong’s jumped 2.2%.

The gains in Chinese shares came after official data showed China’s overall in May was significantly more than expected despite fears of an ongoing Sino-U.S. trade dispute.

The surplus was $41.65 billion, compared with the forecasted $20.5 billion.

Despite the positive data, traders remained concerned of the impact of a worsening trade relationship between the U.S. and China, as U.S. Treasury Secretary Steven Mnuchin told CNBC over the weekend that President Donald Trump is “perfectly happy” to impose more tariffs on China if future negotiations do not go well.

“If China wants to move forward with the deal, we’re prepared to move forward on the terms we’ve done. If China doesn’t want to move forward, then President Trump is perfectly happy to move forward with tariffs to re-balance the relationship,” Mnuchin said.

“We’re going to need to see action, and President Trump is going to need to make sure he’s clear that we’re moving in the right direction to a deal,” he added.

Trump and his China counterpart Xi Jinping are reportedly going to meet at the G-20 meeting in Japan later this month to discuss trade-related issues.

Elsewhere in Asia, Japan’s gained 1.1% after Cabinet Office data showed that the country’s grew an annualized 2.2% in January-March, stronger than expectations of a 2.1% annualized growth and the preliminary reading of the same rate of expansion.

South Korea’s and Australia’s both climbed 0.9%.

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