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.
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
rose 0.6%, and the Shanghai Composite
— whjch fell more than 5% Monday — rose 0.6% and the smaller-cap Shenzhen Composite
rebounded 1.8%. South Korea’s Kospi
fell 1%, while benchmark indexes in Taiwan
rose. Australia’s S&P/ASX 200
Among individual stocks, Sony
advanced in Tokyo trading, while robotics maker Fanuc
and Fast Retailing
fell. In Hong Kong, CNOOC
and Sunny Optical
rose, while food processor WH Group
declined amid a deadly swine fever that is devastating China’s pork industry. Samsung
slipped in South Korea, and Foxconn
rose in Taiwan. BHP
and Beach Energy
advanced in Australia.