Mainland Chinese stocks advanced on Friday following news that China and the United States will resume trade talks on October 10 in Washington. Other Asian stocks saw declines.
According to CNBC, the Shenzhen composite saw gains of 0.91 percent, the Shanghai composite advanced by 0.11 percent, while the Shenzhen component added 0.89 percent. Other Asian stocks shed some points.
The Topix index lost 1.17 percent, Apple supplier Japan Display saw its stocks drop by 10.45 percent, the Hang Seng index declined by 0.3 percent, Softbank Group lost 1.96 percent, and Japan's Nikkei shed 0.77 percent.
While South Korea's Kospi lost 1.19 percent, Australia's S&P/ASX 200 was the only other Asian index that climbed along with mainland Chinese stocks to close with 0.58 percent more.
Lead Asia economist at Oxford Economics, Sian Fenner, noted that the "pressure" on China and the U.S. for the export sector has started spreading to global markets, which caused the mixed results on Friday's trading.
Fenner added that while some stocks are gaining despite a lack of optimism for a China-U.S. trade deal, growth in investments remained weak. She further predicted that global markets will likely have a "weak quarter" for Q3 2019.
Sources with knowledge of the situation revealed that Chinese Vice Premier Liu He will lead the delegation that will meet with American negotiators on October 10. No other details about the upcoming meeting have been revealed to the public.
In line with the ongoing trade dispute between two of the world's largest economies, China's State Councilor and Foreign Minister, Wang Yi, told Reuters on Thursday that his country was willing to make additional purchases of American products.
Wang noted that if more optimism in both talks and actions were displayed by both sides in the dispute, more visible results will come out instead of just trade talks resuming and halting at some point.
Before Wang's statements were made public, U.S. President Donald Trump heaped praises on China's latest purchases of American goods. He raised hopes for a trade deal, stating that it could come earlier than expected.
Trump's comments came a week after Chinese buyers imported 600,000 tons of soybeans. Chief Analyst at Shanghai JC Intelligence Co Ltd., Li Qiang, forecasted that the volume could climb to six million tons after Beijing decides to waive tariffs.
Earlier this month, the Chinese government waived tariffs on select U.S. products for the first time since June 2018. According to CNN, 16 products were exempted from Chinese tax duties, including cancer treatment drugs and fish meal.
Industry experts are expecting to see more waivers from both sides as the two nations get one step closer to the ever-elusive trade deal that continues to shake global markets.
