Yahoo Finance Asian Markets Rise; Alibaba Jumps 8% in Hong Kong Debut
Investing.com - Asian markets rose in morning trade on Tuesday. Alibaba (NYSE:BABA) Group Holding Ltd (HK:9988) made headlines as it jumped as much as 8% in its Hong Kong debut.
The Chinese e-commerce giant’s shares rose to as much as HK$189.50, versus a HK$176 issuance price.
“We came home. We came back to list in Hong Kong,” said Chairman Daniel Zhang. “It helped make up for our regret five years ago.’’
Hong Kong’s Hang Seng Index was little changed by 10:50 PM ET (02:50 GMT).
China’s Shanghai Composite was also flat, while the Shenzhen Component inched up 0.2%.
On the Sino-U.S. trade front, China’s Ministry of Commerce said top negotiator on trade Liu He talked with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Tuesday morning.
“Both sides discussed resolving core issues of common concern, reached consensus on how to resolve related problems (and) agreed to stay in contact over remaining issues for a phase one agreement,” the Chinese-language statement said.
The phone call followed a previous encounter earlier this month, which the ministry called “constructive.”
U.S. President Donald Trump said last week that a trade deal with China is “potentially very close” but it “can’t be like an even deal” because the U.S. is “starting off from the floor” and China is “already at the ceiling.”
Japan’s Nikkei 225 traded 0.4% higher, while South Korea’s KOSPI climbed 0.6%.
Down under, Australia’s ASX 200 gained 0.8%.
Westpac Banking Corp. rose for the first time in five days after its CEO resigned over a money-laundering scandal.
Meanwhile, Reserve Bank of Australia Governor Philip Lowe will give a speech on unconventional monetary policy later in the day.
In the U.S., consumer spending data is due Wednesday, along with GDP, jobless claims and durable goods. Equities and bond markets will be closed on Thursday for the Thanksgiving holiday.
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