Asian stocks were mixed on Monday as traders watched for developments on a fresh round of trade talks with the United States this week in Beijing. Markets in China and Taiwan, reopening after a weeklong Lunar New Year break, edged higher on hopes that American and Chinese officials will make progress on a wide-ranging dispute that has weighed on the global economy.
The Shanghai Composite index
picked up 0.8% while the smaller-cap Shenzhen Composite
jumped 2%. The Kospi
in South Korea declined 0.1% while Hong Kong’s Hang Seng
rose 0.2%. Australia’s S&P ASX 200
was down 0.4%. Stocks rose in Taiwan
but fell in Singapore
. Japanese markets were closed for a holiday.
Among individual stocks, tech names such as AAC
, Sunny Optical
rose in Hong Kong, while real estate companies fell. Hyundai Motors
rose in Korea, while Taiwan Semiconductor
rose in Taiwan. Bank stocks fell in Australia, led by National Australia Bank
and ANZ Banking
Gains by technology and consumer goods companies led most U.S. indexes higher on Friday. They more than balanced out losses by financial stocks and retailers after a mixed bag of quarterly earnings. The broad S&P 500 index
climbed 0.1% to 2,707.88 and the Nasdaq composite
rose 0.1% to 7,298.20. The Dow Jones Industrial Average
lost 0.3% to 25,106.33.
Officials from the U.S. and China will gather in Beijing for trade talks on Thursday and Friday. U.S. Treasury Secretary Stephen Mnuchin and trade representative Robert Lighthizer will lead the American delegation at the talks, which are aimed at bringing both sides closer to resolving deep-seated issues such as unhappiness over Beijing’s technology policy. Lower-level negotiations are set to begin Monday, but a resolution isn’t expected before a truce on tariffs expires in early March. Any agreement before then, or a simple extension of the truce, will be viewed as a positive for markets. If not, the U.S. is expected to raise import taxes from 10% to 25% on $200 billion in Chinese goods.
Axios on Sunday reported White House advisors are considering President Donald Trump’s Florida club, Mar-a-Lago, as a site for a potential summit with China’s Xi Jinping where a deal could be reached as soon as mid-March to end the trade war.
“For markets, after the worst December and best January in years, it appears that we are back at inflection point across various asset classes, waiting for direction yet again,” Jingyi Pan of IG said in a market commentary.
lost 56 cents to $52.16 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude
, used to price international oils, shed 46 cents to $61.64 per barrel.
rose to 109.89 yen from 109.73 yen late Friday.
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