The Japanese “Nikkei 225” exceeds the level of 50 thousand points for the first time

Asian stock indices rose on Monday, and US stock futures also rose, while Japan’s benchmark Nikkei 225 index exceeded 50,000 points for the first time in its history.

These gains were supported by the progress of trade talks that may contribute to easing tensions between the United States, China and other major trading partners, as US President Donald Trump visited Malaysia to attend the Southeast Asian Nations (ASEAN) Summit, where he reached preliminary trade agreements with Malaysia, Thailand, Cambodia and Vietnam.

Officials from the two largest economies in the world announced yesterday, Sunday, that a trade agreement between the United States and China is close to being achieved, after the two parties reached a preliminary agreement that US President Donald Trump and Chinese President Xi Jinping are scheduled to seek to finalize during a very important meeting later this week.

Stephen Innes, of SBI Asset Management, said in a comment, “This is not just photo-op diplomacy. Behind this display, senior trade officials in Washington and Beijing have quietly laid out a framework that may be sufficient to prevent the world’s two largest economies from causing chaos again.”

Trump heads to Japan before concluding his Asian tour in South Korea, where he is expected to meet his Chinese counterpart, Xi Jinping, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

A report issued by the Secretariat of the Asia-Pacific Economic Cooperation (APEC) Forum, on Monday, expected that annual growth in the Pacific Basin region would decline to 3 percent this year compared to 3.6 percent last year, partly due to trade restrictions and high customs duties.

In Japan, opinion polls show that new Prime Minister Sanae Takaishi enjoys high levels of public support for her pro-market policies.

Japan’s benchmark Nikkei 225 index rose 2.1 percent to 50,329 points, recording its highest levels ever during the trading session.

South Korea’s KOSPI 225 index rose 2 percent to about 4,019 points, setting a new record. Investors there hope to reach a trade agreement with Trump.

Chinese markets also witnessed strong gains, as the Hang Seng Index in Hong Kong rose by 1 percent, reaching 26,427 points, and the Shanghai Composite Index rose by 1 percent, reaching 3,991 points.

Australia’s Standard & Poor’s/ASX 200 index rose 0.3 percent to 9,047 points.

Taiwan’s TAEX rose 2.1 percent, and India’s Sensex rose 0.5 percent.

On the Wall Street Stock Exchange, US stocks recorded record levels last Friday, as the Standard ND Poor’s 500 index rose by 0.8 percent to reach 6,792 points, exceeding its highest historical level, which it recorded earlier this month.

The Dow Jones Industrial Average rose 1 percent to 47,207 points, setting a new record.

The Nasdaq Composite Index rose 1.1 percent to a record high of 23,205 points.

In energy markets, on Monday morning, the price of US West Texas Intermediate crude fell by 15 cents to reach $61.65 per barrel, and the price of Brent crude, the global oil price standard, rose by 12 cents to reach $65.32 per barrel.

In the currency markets, the price of the US dollar rose against the Japanese yen, reaching 153.15 Japanese yen from 152.85 yen, and the price of the euro rose to reach $1.1622 from $1.1636.