Global Market News

Asian Stock Markets Slip on Fresh Trade Tariff Concerns


Last updated: 11/08/2019 06:08:28

06:08 AM EST, 11/08/2019 (MT Newswires) -- Asian stock markets generally retreated Friday after media reports that some White House officials oppose lowering tariffs to gain a partial Sino-US trade deal. Hong Kong and Shanghai deflated, Tokyo gained, but other regional exchanges finished in the red.

In Japan, the Nikkei 225 opened higher on fresh Wall Street records and held its ground, finishing up 0.26% for the fourth-straight day of gains. A softer yen, regarded as a positive in export-oriented Japan, aided sentiment, said analysts.

The benchmark Nikkei 225 rose 61.55 to 23,391.87, as gaining issues outnumbered losers 140 to 81.

Leading the upside were medical-products concern Terumo (TRUMY, 4543:Tokyo), up 13.4%, followed by department-store chain Isetan Mitsukoshi (IMHDY, 3099:Tokyo), up 11.7%, and then brewer Kirin (KNBWY, 2503:Tokyo), up 9.6%.

On the downside were cosmetics-house Shiseido (SSDOY,4911:Tokyo), up 8.3%, and then mobile-game maker Bandai Namco (NCBDF, 7832:Tokyo), off 4.8%.

The Nikkei 225 is up 16.87% year-to-date

In economic news, Japan Prime Minister Shinzo Abe asked his cabinet to compile programs that would boost government spending and build infrastructure, in some measure to handle natural disasters but also to boost the economy.

The Hong Kong Hang Seng Index opened evenly but slumped in trading, finishing down 0.70% on the media reports of White House resistance to lowering tariffs on Sino imports, in pursuit of a Beijing-Washington partial trade deal.

The broad gauge Hang Seng fell 196.09 to 27,651.14, as losing issues outnumbered gainers 39 to 10.

Leading the upside on a down day were Geely Automonile (175:HK), up 1.8%, followed by state oil-giant CNOOC (883:HK), up 1.3%, and then coal-miner China Shenhua Energy (1088:HK), up 0.9%.

On the downside were Henderson Land Development (12:HK), off 2.6%, and then Sino Biopharmaceutical (1177:HK), off 2.5%.

The Hang Seng is up 6.99% year-to-date/

On the mainland, the Shanghai Composite fell 0.49% to 2,964.19.

In economic news, China exports fell by 0.9% year-over-year in October, better-than-expected. Imports fell by 6.4% in October, year-over-year.

On the other exchanges, the S. Korean Kospi fell 0.33%; the Taiwan TWSE also declined 0.23%; the Australian ASX 200 fell 0.04%; the Singapore Straits Times Index fell 0.65%, and the Thai Set declined 0.18%. In late trading in Mumbai, the Sensex was off 0.81%.

The MSCI Asia Apex 50, a broad measure of Asian stock markets excluding Japan, was off 0.68%.
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