China stocks opened with a modest rally on Monday, after Chinese President Xi Jinping and his U.S. counterpart Donald Trump agreed over the weekend to restart stalled talks to reach a trade deal.
The Shanghai composite index opened up 1.54%, while the more tech-heavy Shenzhen index opened up 2.25%. The more enterprise-focused ChiNext opened up 2.22%. Hong Kong’s stock market was closed on Monday for a public holiday.
In addition to agreeing to restart trade talks, Trump also agreed at a G-20 meeting over the weekend not to impose new tariffs on Chinese goods, helping to ease tensions in the year-old trade war between the world’s two largest economies. The U.S. also agreed to ease a ban that had barred Chinese telecom equipment giant Huawei from buying American components, boosting sentiment toward technology stocks.Related: Trump Says America to Resume Sales to Huawei