China, US markets encouraged by trade hopes
Updated 10:24, 05-Nov-2018
China, US markets enjoyed good performances on Friday after the China-US phone call on Thursday, as Chinese currency yuan strengthened and stocks increased.
For the foreign exchange market, the central parity rate of yuan strengthened by 299 basis points to 6.9371 against the US dollar Friday, according to the China Foreign Exchange Trade System.
Chinese stocks opened higher on Friday, with the benchmark Shanghai Composite Index up 1.65 percent to open at 2,649.25 points. The Shenzhen Component Index opened 2.59 percent higher at 7,763.49 points.  
Hong Kong stocks gained 564.44 points, or 2.22 percent, to open at 25,980.44 points.  
The ChiNext Index, China's NASDAQ-style board of growth enterprises, was up 3.28 percent to open at 1,328.46 points.
FTSE China A50 Index opened 3.2 percent higher to 11,342.91 points.
Civil Aviation and technology stocks all rose greatly with three major airlines up eight percent and AI related stocks up seven to eight percent.
Traders work on the floor of the New York Stock Exchange (NYSE). /VCG Photo

Traders work on the floor of the New York Stock Exchange (NYSE). /VCG Photo

On the other side, US stocks continued to rise for a third straight session on Thursday amid promising phone call on trade issues and positive corporate performance.
The Dow Jones Industrial Average surged 264.98 points, or 1.06 percent, to 25,380.74. The S&P 500 rose 28.63 points, or 1.06 percent, to 2,740.37. The Nasdaq Composite Index gained 128.16 points, or 1.75 percent, to 7,434.06.
Ten of the 11 primary S&P 500 sectors closed higher, with materials and consumer discretionary up 3.02 percent and 2.23 percent respectively, leading the gainers. 
Meanwhile, China-related stocks gained most in three years.
The iShares MSCI China ETF rose over five percent, and the iShares China Large-Cap ETF, up 4.2 percent, the most since September 2015 for both funds.
The Bank of New York Mellon China ADR Index surged 5.2 percent, reaching a three year high.
(With inputs from Xinhua)