Asian markets mostly rose after US President Donald Trump suggested a trade deal with China is in the final stages.
China’s Shanghai Composite (COMP) dropped as much as 0.5% in early trading, though recouped most of those losses. Government data released Wednesday showed that China’s industrial profits declined 9.9% in October from a year earlier. That loss accelerated from a 5.3% drop in September.
Trump said Tuesday in Washington that the United States was in the “final throes of a very important deal” on trade.
Markets have been sensitive to developments in the US-China trade negotiations. China’s commerce ministry said Tuesday the two countries “reached a consensus” on how to resolve each other’s key concerns.
Alibaba advanced 2.8% on its second day of trading in Hong Kong. Shares of the Chinese e-commerce firm popped nearly 7% Tuesday in its Hong Kong debut — a strong showing for one of China’s most prominent tech companies.
Alibaba’s secondary listing could raise as much as $12.9 billion.