Asian stock markets rose on Monday as investors anticipated the upcoming U.S.-China trade talks scheduled for later in London.
Asian Markets Show Gains
Tokyo's Nikkei 225 climbed 1.1%, closing at 38,137.09, despite the Japanese government announcing a 0.2% economic contraction in the first quarter. In Seoul, South Korea's Kospi jumped 1.9% to 2,865.52.
Economic Data from the U.S. and China
China's exports showed a slowdown, with a growth of 4.8% in May compared to the previous year, down from over 8% growth in April. Consumer prices in China dipped 0.1% in May, marking the fourth consecutive month of deflation. The U.S. economy also contracted in the first quarter.
Oil Prices and Trade Talks
Oil prices held onto last week's gains early on Monday. Brent crude futures remained unchanged at $66.47 a barrel, while U.S. West Texas Intermediate rose by 1 cent to $64.59. Investors are eager for outcomes from U.S.-China meetings that may impact economic growth and oil demand.
Current trends in stock markets and oil prices reflect investor confidence in the potential for a deal between the U.S. and China, despite negative economic data from both countries.
