Asian stock markets were cautious but mostly in the green in early trading Wednesday as investors held out hope that a weekend meeting between the U.S. and Chinese leaders can ease trade tensions.
Japan’s Nikkei
NIK, +0.98%
gained 0.8%, helped by so-called domestic-demand companies, which cooled yesterday after recent strength. Consumer products, food and construction companies led the gains, with soap maker Kao
4452, +4.61%
up 4.3% and beverage maker Kirin
2503, +1.34%
gaining 1.3%. But trade-sensitive sectors such as auto and steel were underperforming even with a weaker yen as metals prices have been sliding of late. Toyota
7203, -1.23%
was down 1.5%.
Hong Kong stocks rebounded after yesterday’s lackluster performance. The Hang Seng
HSI, +0.91%
was up 0.8%, with energy stocks finding their footing after impacts from Friday’s oil slump. With crude prices up in Asia in morning trading, Cnooc
0883, +1.60%
rose 1.4%. Meanwhile, stock-market heavyweight Tencent
0700, +2.63%
was up a further 1.9% as the internet firm continues its rebound.
Stocks on mainland China rose as well, with the Shanghai Composite
SHCOMP, +0.86%
up 0.7% and the smaller-cap Shenzhen Composite
399106, +0.95%
gaining 0.5%. Consumer names were early gainers, including wine and home-appliance makers. Shanghai Hi-tech Control
002184, +6.85%
was up the 10% limit while Navtech
300456, +4.95%
jumped 5%.
South Korea’s Kospi
SEU, +0.08%
was up slightly, as was Taiwan’s Taiex
Y9999, +0.45%
, while Singapore’s Strait Times Index
STI, -0.01%
struggled for direction.
Australia’s ASX 200
XJO, -0.09%
was down slightly, though Fortescue Metals
FMG, +2.99%
jumped 2% after a positive assessment by Morgan Stanley. New Zealand’s NZS-50
NZ50GR, +0.46%
was up 0.5%.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.
Source : MTV
