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Asian Stocks Mixed; Trump Appears to Confirm North Korea Summit Back on Track

Asian stocks were mixed in morning trade

Investing.com- Asian stocks were mixed in morning trade on Monday as U.S. President Donald Trump appeared to confirm his summit with North Korean leader Kim Jong-un is now back on track.

“Our United States team has arrived in North Korea to make arrangements for the Summit between Kim Jong Un and myself,” Trump said in tweet on Sunday afternoon.

“I truly believe North Korea has brilliant potential and will be a great economic and financial Nation one day,” Trump added. “Kim Jong Un agrees with me on this. It will happen!”

The tweet came just three days after he abruptly called off the historic meeting last week.

Meanwhile, Kim Jong Un agreed to hold talks with the U.S., according to South Korean President Moon Jae-in, who met with Kim on Saturday after the North Korean leader requested a casual meeting.

“Kim, once again, made clear his intent on complete denuclearization of the Korean Peninsula,” Moon told reporters in Seoul. “Kim said he’ll end the history of war and confrontation and cooperate to bring peace and prosperity through a successful North Korea-U.S. summit.”

South Korea’s KOSPI rose 0.7% at 9:40PM ET (01:40 GMT).

China’s Shanghai Composite and the Shenzhen Component were down 0.2% and 0.1% respectively. Official data showed on Sunday that profits earned by Chinese industrial firms in April rose 21.9% year-on-year to $90.14 billion.

Elsewhere, Hong Kong’s Hang Seng Index climbed 05% in morning trade. Telecommunications-equipment maker ZTE Corp (HK:0763) made headlines as U.S. President Donald Trump said in a tweet on Friday that the U.S. would allow the company to remain in business after paying a $1.3 billion fine.

ZTE is required to hire American compliance officers to monitor its operations, reports suggested.

Samsonite International (HK:1910) also received focus as trading in its shares was suspended on Monday, days after short seller Blue Orca Capital accused it of questionable accounting practices and poor governance, including those used in its 2016 acquisition of the Tumi brand.

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