HONG KONG — Shares were mixed in Asia on Friday as investors pinned their hopes on weekend trade talks between China and the U.S.
U.S. futures and oil prices logged modest gains.
China reported that its exports rose at a faster-than-expected 8.1% annual pace in April, down from 12.4% the month before. Exports to the United States dropped more than 20%, however, as President Donald Trump’s steep tariff increases took effect.
Hong Kong’s Hang Seng slipped 0.1% to 22,777.82, while the Shanghai Composite Index lost 0.3% to 3,343.38.
Top U.S. and Chinese trade officials are due to meet Saturday in Geneva, Switzerland.
Asked on Thursday whether he would consider lowering tariffs on Chinese imports if this weekend’s talks go well, Trump said, “It could be. We’re going to see. Right now, you can’t get any higher. It’s at 145%. So we know it’s coming down.” He also said he expects the talks in Switzerland to be “substantive.”
Tokyo’s Nikkei 225 jumped 1.5% to 37,493.65, while the Kospi in Seoul was almost unchanged at 2,578.64.
Australia’s S&P/ASX 200 added 0.4% to 8,228.10.
Taiwan’s Taiex surged 1.7%.
U.S. stocks rose Thursday after the United States and United Kingdom announced a deal on trade that would lower some tariffs between the two countries, the first of what Wall Street hopes will be enough agreements to keep a recession from hitting the economy.
The S&P 500 climbed 0.6% to 5,663.94 for its 11th gain in the last 13 days. The Dow Jones Industrial Average added 0.6% to 41,368.45, and the Nasdaq composite rose 1.1% to 17,928.14.
Trump lauded what he called a “maxed-out trade deal” with the United Kingdom, which will keep 10% tariffs on U.K. products but l