CANBERA (dpa-AFX) - Asian stock markets, led by China, are mostly higher on Thursday, the first trading day of 2020. Investor sentiment was bolstered by news that the much-awaited phase one trade deal between the U.S. and China will be signed on January 15.
In addition, the People's Bank of China said it will lower the reserve requirement ratio for banks by 50 basis points with effect from January 6. The move will enable banks to boost lending to small business.
The Australian market is higher in choppy trade in the first trading day of the year.
The benchmark S&P/ASX 200 Index is adding 20.00 points or 0.30 percent to 6,704.10, after touching a low of 6,669.20 earlier. The broader All Ordinaries Index is up 21.70 points or 0.32 percent to 6,824.10.
The big four banks - Commonwealth Bank, National Australia Bank, Westpac Banking and ANZ Banking - are lower in a range of 0.5 percent to 0.8 percent.
Gold miner Evolution Mining is losing 1 percent and Newcrest Mining is declining almost 1 percent.
The major miners are also mostly lower. Fortescue Metals is declining 0.6 percent and BHP is edging down 0.1 percent, while Rio Tinto is rising 0.3 percent.
In the oil sector, Oil Search is lower by 0.7 percent and Woodside Petroleum is down 0.1 percent, while Santos is adding 0.2 percent.
Among tech stocks, Afterpay Touch is rising almost 2 percent and Wisetech Global is advancing more than 1 percent, while Appen is lower by almost 1 percent.
In the currency market, the Australian dollar was quoted at $0.7017, after touching a five-month high of $0.7032 on December 31.
Elsewhere in Asia, Shanghai is rising more than 1 percent and Hong Kong is advancing 1 percent.
Singapore, Taiwan, Indonesia and Malaysia are also higher, while South Korea is lower. The markets in Japan and New Zealand are closed for public holidays.
Overnight, the markets in the U.S. and Europe were closed for the New Year's Day holiday.
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