June 19, 2019 / 1:37 AM / 2 months ago

China and Hong Kong stocks open higher on trade optimism

SHANGHAI, June 19 (Reuters) - China and Hong Kong stocks opened sharply higher on Wednesday morning, tracking a robust global rally, after Washington rekindled trade talks with Beijing, boosting sentiment that was already rising on prospects for U.S. interest rate cuts this year.

The CSI300 index rose 2.6 percent to 3,761.34 points at 1:25 GMT, while the Shanghai Composite Index gained 1.9 percent to 2,944.12 points.

The Hang Seng index in Hong Kong was up 2.6 percent, to 28,224.87 points, on track for its best single-day gain since November 2, 2018.

China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, giving hope to financial markets that an escalating trade war between the two countries could abate.

The Fed is widely expected to leave interest rates unchanged at its two-day policy meeting that ends Wednesday, while laying the foundation for a cut later this year. The Fed is scheduled to release its statement at 2 p.m. (1800 GMT) on Wednesday and Chairman Jerome Powell will hold a press conference shortly after. (Reporting by Luoyan Liu and David Stanway; Editing by Simon Cameron-Moore)

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