Asian markets trade higher as China indicates openness to trade talks with US; Hang Seng leads

Asian markets traded higher on Friday (May 2, 2025) amid rising hopes of a de-escalation in the US-China trade war after China said it is “currently assessing” proposals by the United States for beginning trade talks.

"The US has recently sent multiple messages to China through relevant parties, hoping to start talks with China. China is currently evaluating this," said the spokesperson for China’s Commerce Ministry in a statement today.

The comments mark an easing in Beijing's stance in the face of increased tensions with the US due to President Donald Trump's trade war.

The key MSCI Asia ex Japan index was up a sharp over 1.15 per cent at 587.79.

Hong Kong's Hang Seng was up 1.5 per cent, while South Korea's Kospi traded with marginal gains of 0.1 per cent. Meanwhile, Japan's Nikkei and Singapore's Straits Times traded with gains of 0.69 per cent and 0.19 per cent, respectively.

Australia's S&P/ ASX 200 traded firm with gains of 0.81 per cent.

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Oil prices also rose as China stated that its door is open for trade talks with the US, in a tone shift that could lead to negotiations in the ongoing trade war between the world's two leading economies.

Brent crude futures rose 38 cents, or 0.6%, to $62.51 a barrel, while U.S. West Texas Intermediate crude futures added 38 cents, or 0.6%, to $59.62 a barrel.

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