Asian stocks cheered by Trump promise to cut business taxes

People walk past an electronic stock board showing day's ongoing exchange rate between U.S. dollar and Japanese yen at a securities firm in Tokyo, Friday, Feb. 10, 2017. Asian stocks advanced Friday led by big gains in Japan after U.S. President Donald Trump promised that he would soon cut taxes for businesses. Japan's benchmark Nikkei 225 index surged 2.4 percent as the yen weakened against the dollar, lifting shares of exporters. (AP Photo/Eugene Hoshiko)
People walk past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, Friday, Feb. 10, 2017. Asian stocks advanced Friday led by big gains in Japan after U.S. President Donald Trump promised that he would soon cut taxes for businesses. Japan's benchmark Nikkei 225 index surged 2.4 percent as the yen weakened against the dollar, lifting shares of exporters. (AP Photo/Eugene Hoshiko)
A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, Friday, Feb. 10, 2017. Asian stocks advanced Friday led by big gains in Japan after U.S. President Donald Trump promised that he would soon cut taxes for businesses. Japan's benchmark Nikkei 225 index surged 2.4 percent as the yen weakened against the dollar, lifting shares of exporters. (AP Photo/Eugene Hoshiko)
A man looks at an electronic stock board showing U.S. share prices at a securities firm in Tokyo, Friday, Feb. 10, 2017. Asian stocks advanced Friday led by big gains in Japan after U.S. President Donald Trump promised that he would soon cut taxes for businesses. Japan's benchmark Nikkei 225 index surged 2.4 percent as the yen weakened against the dollar, lifting shares of exporters. (AP Photo/Eugene Hoshiko)

HONG KONG — Asian stocks advanced Friday led by big gains in Japan after U.S. President Donald Trump promised that he would soon cut taxes for businesses. Japan's benchmark Nikkei 225 index surged 2.3 percent as the yen weakened against the dollar, lifting shares of exporters.

KEEPING SCORE: Japan's benchmark Nikkei 225 index surged 2.3 percent to 19,349.53 and South Korea's Kospi added 0.5 percent to 2,075.49, Hong Kong's Hang Seng rose 0.6 percent to 23,655.28 and the Shanghai Composite in mainland China gained 0.4 percent to 3,196.74. Australia's S&P/ASX 200 jumped 0.9 percent to 5,716.40.

TRUMP ON TAXES: In a meeting with airline and airport executives, Trump vowed to roll back government regulations and said he would announce a plan in the next three weeks to reduce taxes for businesses. The comments were short on details, but encouraged investors who have been waiting to see how Trump follows through on campaign promises to boost economic growth.

THE QUOTE: "We face a nice pop in Asian equities on open thanks largely to Mr. Trump," said Chris Weston of IG Markets in Melbourne. "The market loves the idea of tax reform. It has corporate tax cuts in its sights and if Trump can push that along with a more simplified personal tax regime the U.S. and global equities will find buyers."

MR. ABE GOES TO WASHINGTON: Markets are awaiting the outcome of Japanese Prime Minister Shinzo Abe's meetings with Trump on Friday and the weekend. Japanese companies, worried about Trump's complaints over trade and exchange rates, hope Abe can get him to buy into a job creation and investment package.

WALL STREET: The Dow Jones industrial average rose 0.6 percent to 20,172.40. The Standard & Poor's 500 index gained 0.6 percent to 2,307.87. The Nasdaq composite index added or 0.6 percent to 5,715.18.

CURRENCIES: The dollar was flat at 113.64 yen, bringing its gains for the week to about 1 percent. The euro rose to $1.0663 from $1.0653.

ENERGY: Benchmark U.S. crude rose 9 cents to $53.09 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents, or 1.3 percent, to close at $53 a barrel on Thursday. Brent crude, the benchmark for international oil prices, gained 5 cents to $55.68 a barrel in London.

People also read these

Asian stocks markets retreat after Wall Street loss

Dec 23, 2016

Most Asian stock markets have declined in thin trading ahead of the Christmas holiday after Wall...

China plans 30,000-km high speed rail network by 2020

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

China's growth edges up but 2016 weakest year since 1990

Jan 20, 2017

China reports its economy picked up pace in the last quarter, though its full-year performance was...

Asian stocks decline after Wall Street falls

Feb 7, 2017

Asian stocks are lower after Wall Street declined and oil rebounded

Asian stocks cheered by Trump promise to cut business taxes

Feb 10, 2017

Asian stocks are advancing, led by big gains in Japan after U.S. President Trump promised that he...

AseanCoverage is a next-gen news site focusing exclusively on online news from South East Asia.

Contact us: sales[at]aseancoverage.com