Economic Buzz: China's Shanghai Composite index climbs 0.70%

Asian stocks rose broadly on Friday after U.S. President Donald Trump said during an interview that his recent conversation with Chinese President Xi Jinping was friendly and that he would rather not impose tariffs on China, suggesting a potentially softer stance on tariffs against the country.

Gold hovered near record highs in Asian trade as the dollar weakened on Trump's call for immediate interest rate cuts by the U.S. Federal Reserve.

Oil struggled for direction after Trump said that lower oil prices could end war in Ukraine immediately and he would ask Saudi Arabia and OPEC to bring down the cost of oil.

 

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China's Shanghai Composite index climbed 0.70 percent to 3,252.63 after the China Securities Regulatory Commission said that mutual funds should increase holdings of onshore stocks by at least 10 percent annually for the next three years, while large state-owned insurers will need to invest 30 percent of their new policy premiums into share markets beginning this year.

Hong Kong's Hang Seng surged 1.86 percent to 20,066.19, lifted by tech stocks like Tencent and Baidu.

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