Stocks in Asia were higher in morning trade of the final day of 2018.
The ASX 200 rose about 0.7 percent, with almost all sectors seeing gains. Australia’s markets close at 11:10 a.m. HK/SIN today for New Year’s Eve.
The materials subindex Down Under gained more than 0.9 percent, as shares of major miners advanced. Rio Tinto rose 1.22 percent, Fortescue advanced 1.45 percent and BHP Billiton climbed up by 1.35 percent.
Markets in Japan, South Korea and mainland China are closed today for public holidays.
China’s manufacturing activity in December contracted even more than expected, according to government data: The country’s official manufacturing Purchasing Managers’ Index (PMI) came in at 49.4 — lower than the 49.9 analysts expected in a Reuters poll.
That was worse than November’s official manufacturing PMI, which was 50.0. A reading above 50 indicates expansion, while a reading below that signals contraction.
Official non-manufacturing PMI came in at 53.8 — higher than the reading of 53.4 in November. Economic data from China is being closely watched amid the ongoing trade war between Washington and Beijing.
Hong Kong’s Hang Seng index rose more than 1.1 percent in morning trade. Hong Kong’s markets will close earlier at 12:00 p.m. HK/SIN for New Year’s Eve.
In trade war news, U.S. President Donald Trump took to Twitter on Saturday and said that a “long and very good call” had taken place between himself and Chinese President Xi Jinping.
In the post, Trump also said: “Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!”
Following the tweet, however, the Wall Street Journal reported that Trump “may be overstating how close the two sides are to an agreement,” citing sources “familiar with the state of negotiations.”
Trump’s comments came after both he and Xi earlier this month agreed to a 90-day pause in tariff escalation.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.415 after seeing highs above the 97 handle last week.
The Japanese yen, widely viewed as a safe-haven currency, traded at 110.43 after touching lows above 111.3 in the previous trading week. The Australian dollar was at $0.7054 after seeing highs above $0.707 last week.
— Reuters and CNBC’s Huileng Tan contributed to this report.
