Asian markets settle after rallying on US-China trade hopes

Posted In: News Date:Jan 10th, 2019

SINGAPORE (AP) — Asian markets were mostly lower Thursday as U.S. and Chinese officials wrapped up three days of talks in Beijing without significant breakthroughs.

KEEPING SCORE: Japan's Nikkei 225 index, which closed up 1.1 percent on Wednesday, retreated 1.4 percent to 20,141.93. The Kospi in South Korea dropped 0.1 percent to 2,062.49. Hong Kong's Hang Seng shed 0.3 percent to 26,394.06, while the Shanghai Composite index was flat at 2,545.05. Australia's S&P ASX 200 lost 0.3 percent to 5,759.80. Shares fell in Taiwan but rose in Singapore, Indonesia and the Philippines.

WALL STREET: Stocks rose for the fourth consecutive session after American and Chinese negotiators extended their talks to a third day. Traders took this as a positive sign, but a partial government shutdown at home that appeared far from being resolved limited gains. The S&P 500 index added 0.4 percent to 2,584.96. The Dow Jones Industrial Average climbed 0.4 percent to 23,879.12 and the Nasdaq composite was 0.9 percent higher at 6,957.08. The Russell 2000 index of smaller company stocks rose 0.9 percent to 1,438.81.

U.S.-CHINA TALKS: Official statements released after the talks, which lasted a day longer than planned, did not indicate if progress was made on a tariffs battle that has shaken global financial markets. China's Ministry of Commerce said there were "detailed exchanges" and both sides would "maintain close contact," without offering specifics. A statement from the Office of the U.S. Trade Representative said negotiators will "report back to receive guidance on the next steps." The talks come after President Donald Trump and Chinese leader Xi Jinping met and agreed to hold off on more tariffs for 90 days, on the sidelines of the G-20 summit in Argentina last month. Investors are hopeful that more and higher-level negotiations will follow.


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