Markets in Asia turn green as Trump confirms meeting with Kim Jong-un; labor data eyed

Asian equity indexes traded in green territory on Friday as US President Donald Trump confirmed a meeting with North Korean leader Kim Jong Un.

The meeting was confirmed by the White House and it is expected to occur in May. According to the US government, sanctions against North Korea will "remain until an agreement is reached."

Trump's acceptance of Pyongyang’s invitation is probably the most significant development in years marked by increasing tensions between the United States and the communist regime.

Earlier this week, North Korea leadership said denuclearization is on the table if the continuation of Kim Jong-un as head of the government will be guaranteed.

Regional indexes were also supported by a strong close in Wall Street after President Trump implemented tariffs on steel and aluminium imports by 25 percent and 10 percent respectively.

Despite a wave of critics across the world, Trump remains confident that this measure will boost employment in the United States. Canada and Mexico, two key commercial partners of the US, were exempted from the tariffs, although initially they were meant to pay too.

Trump said on Thursday: "A strong steel and aluminum industry are vital to our national security,… You don't have steel, you don't have a country."

In Japan, the Nikkei 225 was about half a percent higher, easing a bit after a two-percent jump following US-North Korea negotiations. Traders paid attention to a fresh interest rate decision by the Bank of Japan. The regulator kept its current configuration steady.

Hong Kong's Hang Seng Index increased 0.88 percent, while the mainland Shanghai composite was up 0.17 percent and the Shenzhen composite rose 1.05 percent.

<<< Asian Stock Indexes >>>

Australia ASX S&P +22.50 +0.37% 6,069.10

Shanghai Composite +14.87 +0.45% 3,303.28

Hong Kong Hang Seng +313.37 +1.02% 30,967.89

Japan Nikkei 225 +101.13 +0.47% 21,469.20

Taiwan TSEC 50 Index +41.58 +0.38% 10,864.82

<<< Next in Europe >>>

Germany’s industrial production and trade balance for January are due at 07:00 GMT. UK industrial and manufacturing production for January will be out at 09:30 GMT, along with trade balance figures.

<<< Next in United States >>>

Focus will be at a fresh employment report by the US Labor Department, with average hourly earnings, nonfarm payrolls and the unemployment rate coming at 13:30 GMT.

FortFS