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Asian stocks trade higher as investors await US-China trade developments. Shares in Asia gained in Monday morning trade as investors awaited developments on the U.S.-China trade front.
The Nikkei 225 in Japan rose 0.59 percent . The Topix index also advanced 0.33 percent. Over in South Korea, the Kospi was marginally higher .
Meanwhile, the ASX 200 in Australia rose 0.27 percent in morning trade, with almost all sectors seeing gains.
Investors will be watching out for developments on the U.S.-China trade front following a report by Xinhua news agency last Friday that Chinese Vice Premier Liu He spoke via telephone with U.S. Treasury Secretary Steven Mnuchinand U.S. Trade Representative Robert Lighthizer.
The report, according to the South China Morning Post, said: “The two sides have further made concrete progress on the text of the trade agreement between the two sides.”
The news comes after CNBC reported Thursday that Chinese negotiators suggest combining a state visit to the U.S. with the signing of a trade deal. Beijing wants a deal to be fully ironed out before Chinese President Xi Jinping meets with U.S. President Donald Trump.
Russia commits to OPEC-led oil supply cuts
Russia plans to be fully compliant with OPEC-led supply cuts over the next few weeks, according to the country’s energy minister, Alexander Novak.
His comments come three months into a fresh round of production cuts from the so-called OPEC+ alliance. The producers meet in mid-April to review their oil supply cut agreement, which is scheduled to last through the first half of 2019.
Oil prices slipped in the morning of Asian trading hours but were still higher than a week ago. The international benchmark Brent crude futures contract declined 0.13 percent to $67.07 per barrel, while U.S. crude futures fell 0.22 percent to $58.39 per barrel.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.588 after slipping from highs above 97.2 in the previous week.
The Japanese yen traded at 111.54 against the dollar after seeing highs below 111.0 last week. The Australian dollar changed hands at $0.7086 after lows below $0.704 in the previous trading week.