Asian stock markets were mixed in early trading Tuesday, as traders weighed the latest development in the ongoing trade dispute between the U.S. and China.
U.S. Trade Representative Robert Lighthizer said Monday that China was “reneging” on its commitments after months of trade negotiations, and that the U.S. would follow through with President Donald Trump’s threats and raise tariffs on $200 billion in Chinese goods to 25% from 10% on Friday. But hopes of an imminent trade deal remained, as China is still expected to send a delegation to Washington this week for what could be a final round of talks, starting Thursday — a day later than originally planned.
The escalating trade tensions sent Asian markets plunging Monday, and Wall Street started the day similarly, but rebounded and ended the trading day with just slight losses.
Japan’s Nikkei
NIK, -0.77%
fell 0.8% as it resumed trading after a 10-day national holiday for the installation of a new emperor. Hong Kong’s Hang Seng Index
HSI, +0.21%
rose 0.6%, and the Shanghai Composite
SHCOMP, +0.30%
— whjch fell more than 5% Monday — rose 0.6% and the smaller-cap Shenzhen Composite
399106, -5.37%
rebounded 1.8%. South Korea’s Kospi
SEU, -0.94%
fell 1%, while benchmark indexes in Taiwan
Y9999, +0.88%
, Singapore
STI, +0.22%
and Indonesia
JAKIDX, -1.00%
rose. Australia’s S&P/ASX 200
XJO, +0.77%
gained 0.8%.
Among individual stocks, Sony
6758, +5.89%
and SoftBank
9984, +1.34%
advanced in Tokyo trading, while robotics maker Fanuc
6954, -2.38%
and Fast Retailing
9983, -1.31%
fell. In Hong Kong, CNOOC
0883, +2.67%
and Sunny Optical
2382, +1.43%
rose, while food processor WH Group
0288, -1.18%
declined amid a deadly swine fever that is devastating China’s pork industry. Samsung
005930, -2.40%
slipped in South Korea, and Foxconn
2354, +1.49%
rose in Taiwan. BHP
BHP, +1.55%
and Beach Energy
BPT, +1.79%
advanced in Australia.
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Source : MTV
