Stocks in Asia jumped on Thursday as investors in the region reacted to positive developments on the U.S.-China trade front.
In Japan, the Nikkei 225 index screamed higher 554.03 points, or 2.4%, Thursday, to 23,873.59
The Japanese yen traded at 109.88 per U.S. dollar after weakening from levels below 109.5 yesterday.
In Hong Kong, the Hang Seng Index jumped 706.96 points, or 2.6%, to 27,493.70
Australian markets made progress. A Thursday data release by the Australian Bureau of Statistics showed the country’s retail sales turnover declined 0.5% on a seasonally adjusted basis in December as compared to November.
The Australian dollar changed hands at $0.6748 after touching an earlier low of $0.6741.
CHINA
The CSI 300 added 71.25 points, or 1.9%, to 3,899.78.
Beijing said Thursday it would halve tariffs on hundreds of U.S. imports from 1:01 p.m. on Feb. 14, according to a statement on the Ministry of Finance’s website. The ministry, based in Beijing, did not specify what time zone.
The adjustment would apply to about $75 billion worth of imports from the U.S. that China slapped with tariffs on Sept. 1, 2019, according to a separate statement on the ministry’s website.
The moves came as investors digested overnight developments on the coronavirus outbreak, following unconfirmed reports of breakthroughs in the development of a drug for the disease.
Media cited reports on Wednesday that said a research team at Zhejiang University had found a drug to treat people infected by the new coronavirus. The World Health Organization, however, said in a statement: “There are no known effective therapeutics against this 2019-nCoV.”
As of Wednesday night, the virus has already killed more than 500 people in China while more than 28,000 have been infected, according to the country’s National Health Commission.
In other markets
In Taiwan, the Taiex popped 176.06 points, or 1.5%, to 11,749.68
In Korea, the Kospi index took on 62.31 points, or 2.9%, to 2,227.94
In Singapore, the Straits Times Index hiked 31.42 points, or 1%, to 3,231.55
In Australia, the ASX 200 leaped 73.15 points, or 1.1%, to 7,049.20
New Zealand markets were shuttered for holidays