US stock futures climb in Asia during Xi speech

The outlook for Wall Street continued to climb in Asia on Tuesday as Chinese President Xi Jinping made a broadly pro-trade speech at the Bo’ao Forum for Asia in Hainan.

S&P 500 futures rose as much as 1.4 per cent during morning trade in Hong Kong, picking up their pace slightly as Mr Xi’s speech began. FTSE 100 futures were up 0.9 per cent at their highest level since March 13.

Mr Xi offered few new details in his speech beyond reiterating previous commitments from Beijing to free trade, although he did promise “significantly lower” import tariffs on imported vehicles.

A few small Chinese auto stocks jumped by double digits on the promise, but larger outfits were less buoyant. Great Wall Motor was up 1.4 per cent while BYD Auto was down 0.4 per cent, falling back after initial gains.

The Financial Times Limited 2018. All rights reserved.

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