Asia Markets: Asian markets cool off as investors await Trump-Xi meeting


Asia-Pacific stock markets cooled in early trading Tuesday as the previous day’s global gains appear to have stalled ahead of a meeting between President Donald Trump and China’s President Xi Jinping.

Japan’s Nikkei NIK, +0.37%   was last up about 0.1%, sliding back from early session highs. Panasonic 6752, +2.47%   was up 2.2% and Renesas Electronics 6723, +2.03%   climbed 2% amid hopes for a strong U.S. holiday-shopping season. But so-called domestic-demand stocks that had recently attracted buying amid global-growth concerns were down. Pharmaceuticals and utilities were the two worst-performing sectors, respectively dropping 0.8% and 0.5%. That as the dollar USDJPY, -0.05%   was around ¥113.46, versus ¥113.21 as of Monday’s Tokyo stock market close.

Hong Kong‘s Hang Seng Index HSI, +0.04%   rose from early session lows and was last up 0.1%, with property stocks weak after yesterday’s gains. Energy was also lagging with oil prices sliding this morning, though tech names were up modestly; Cnooc 0883, -1.41%   was off 1.5% while Tencent 0700, +1.68%   rose nearly 1%. Meanwhile, Tingyi shares 0322, -16.33%   are threatening to have their worst-ever day as the China-based instant noodle/beverage maker reported what Jefferies calls an unexpected revenue drop last quarter.

Chinese stocks were higher, led by small caps. The Shanghai Composite SHCOMP, +0.42%   climbed 0.4%, versus a 0.6% gain for the Shenzhen Composite 399106, +0.62%  . Tech companies were doing well after recent weakness, and oil names were up after yesterday’s slump.

Australia’s benchmark XJO, +0.80%   rose as energy companies gained. New Zealand stocks NZ50GR, +0.29%   were up slightly as well.

South Korea’s Kospi SEU, +0.69%   rose as Hyundai Motor 005380, +5.68%   jumped nearly about 5%. Taiwan’s Taiex Y9999, -0.28%   slipped as Foxconn 2354, -0.97%  fell nearly 1%. Singapore’s benchmark index STI, +0.36%   was about flat.

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