Asia & Pacific

Asia-Pacific Stocks Rise as Investors China’s Industrial Profits for June Surge

Investors have been closely watching the growing tensions between the United States and China over the past week, which led Chinese stocks to plummet on Friday.

Stocks in the Asia-Pacific were mostly higher in Monday morning trade, according to CNBC News. 

In China, the Shanghai composite rose 0.55 percent, while the Shenzhen component advanced 1.074 percent. Hong Kong’s Hang Seng index was 0.93 percent higher, and Taiwan’s Taiex added the most, gaining 2.69 percent.

China’s industrial profits for June jumped 11.5 percent, the country’s National Bureau of Statistics said.

South Korea’s Kospi also traded 1.29 percent higher.

The Japanese stock market, however, suffered losses, with the Nikkei 225 sliding 0.51 percent and the Topix index dipping 0.48 percent.

In Australia, the S&P/ASX 200 rose slightly by 0.23 percent.

Overall in the region, the MSCI Asia ex-Japan index was 1.28 percent higher on Monday morning.

Traders have been following the events in Washington, as Republicans are moving forward with another coronavirus stimulus package worth roughly $1 trillion, while the US-China relationship soured further after Washington ordered the Chinese consulate in Texas shut by Friday, accusing China of stealing US intellectual property.

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