AFP, Hong Kong :
Asian markets rose Monday on fresh optimism over the long-running China-US trade talks after Beijing offered an olive branch on the key issue of intellectual property, while Donald Trump hailed progress on the agreement.
Hong Kong stocks led the regional advance with pro-democracy parties winning a landslide in local elections that could put pressure on the city’s government and Beijing to act after months of protests that have hobbled the financial hub’s economy and transport.
The week got off to a strong start after China said at the weekend it would hike penalties on violations of intellectual property rights while also look at reducing the thresholds for criminal punishments of those who steal IP.
The IP issue is a major sticking point for the United States in the discussions and agreement on it is seen as key to their success.
Trump on Friday told Fox News the deal was “potentially very close”.
Global markets have rallied in recent weeks on expectations the economic superpowers will sign a mini pact as the first part of a wider trade deal, though dealers are growing edgy at the lack of detail from either side.
There are also concerns about how tariffs will be wound back, with China insisting they are lifted as part of any agreement.
“Although long on promise, but short on detail, China’s move appears to be an attempt to mollify one of the US’s main reasons for initiating the trade war in the first place,” said OANDA senior market analyst Jeffrey Halley. “The hope being to get impetus back into the interim trade-talks.”
Asian markets rose Monday on fresh optimism over the long-running China-US trade talks after Beijing offered an olive branch on the key issue of intellectual property, while Donald Trump hailed progress on the agreement.
Hong Kong stocks led the regional advance with pro-democracy parties winning a landslide in local elections that could put pressure on the city’s government and Beijing to act after months of protests that have hobbled the financial hub’s economy and transport.
The week got off to a strong start after China said at the weekend it would hike penalties on violations of intellectual property rights while also look at reducing the thresholds for criminal punishments of those who steal IP.
The IP issue is a major sticking point for the United States in the discussions and agreement on it is seen as key to their success.
Trump on Friday told Fox News the deal was “potentially very close”.
Global markets have rallied in recent weeks on expectations the economic superpowers will sign a mini pact as the first part of a wider trade deal, though dealers are growing edgy at the lack of detail from either side.
There are also concerns about how tariffs will be wound back, with China insisting they are lifted as part of any agreement.
“Although long on promise, but short on detail, China’s move appears to be an attempt to mollify one of the US’s main reasons for initiating the trade war in the first place,” said OANDA senior market analyst Jeffrey Halley. “The hope being to get impetus back into the interim trade-talks.”
