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G-20 summit, trade between the US and China, currencies in focus



The markets in Asia Pacific rallied on Thursday morning as investors await the meeting of US President Donald Trump and Chinese President Xi Jinping at the G20 Summit.

Nikkei 225 rose 0.64% in morning trading, while the Topix index added 0.81%.

Shares of troubled Apple supplier Japan Display rose more than 20% after Japanese media reported that tech giant would inject $ 100 million into the company.

Chinese stocks in China also saw gains in early trading with the Shanghai composite material adding 0.46% and the Shenzhen component rising 0.83%. The Shenzhen composite also increased by 0.67%.

In South Korea, Kospi got out of its previous slip to reach 0.56%, while Australia's S & P / ASX 200 was largely flat.

Asia and Pacific Market Index Chart

Accommodation stateside, S & P 500 closed 0.1

% lower at 2,913.78, while the Dow Jones Industrial Average dropped 11.40 points to finish its trading day at 26,536.82. The Nasdaq composition, by contrast, added 0.3% to close to 7.909.97.

Shares on Wall Street were traded higher during most of Wednesday's session, after Finance Secretary Steven Mnuchin told CNBC he believes there is a way for the US and China to conclude a trade deal. His comment preceded a highly anticipated meeting between Trump and Xi at the G20 in Osaka, Japan later this week.

"We have seen this kind of optimistic commentary before events, and I think everybody hopes that will be the case. It could also reflect the US administration buying more time and even if an agreement is reached G-20, we do not expect the tariffs to be … revoked overnight, "said Carlos Casanova, the economy of Asia Pacific in Coface, to CNBC's" Squawk Box "on Thursday.

"At least, investors (hope) that the trade negotiations will resume after the weekend's meeting between the two leaders. We believe they will, but President Trump is extremely difficult to predict," Kathy Lien, foreign exchange strategy director for BK Asset The management wrote in a note.

Trump said to him that a trade agreement between the United States and China was possible, but noted that he was "very pleased with where we are now."

The US Dollar Index, which tracks the greenback against a basket of its peers, was 96,185, above levels below 96,0 seen earlier in the week.

The Japanese yen traded at 107.72 against the dollar after weakening from levels below 107.4 yesterday, while the Australian dollar was at $ 0.6994 after rising from levels around $ 0.696 in the previous session.

Oil prices fell in the morning in Asian trading times with the international benchmark Brent crude futures contract emissions 0.62% to $ 66.08 per share. Barrel while US raw futures declined 0.35% to $ 59.17 per tonne. barrel.

– CNBC's Fred Imbert contributed to this report.


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