US Seeks to De-escalate Trade Tensions – Asian Markets Open Mixed No ratings yet.

US Seeks to De-escalate Trade Tensions – Asian Markets Open Mixed

Asian equity markets opened mixed on Thursday morning as Washington proposed a new round of talks with Beijing that may help to de-escalate a trade war between the two. U. S. officials, led by Treasury Secretary Steven Mnuchin recently invited counterparts in China to Washington.

On Tuesday, U. S. President Donald Trump said the united states is taking a tough stance on China. Last Friday, Trump threatened to slap tariffs on virtually all Chinese goods.

“It’s a positive thing. We are in communication at this time and you could say that communication has picked up a notch, ” said Larry Kudlow, the director of Trump’s National Economic Council. ”

The Trump administration has sought to pressure China to reduce its trade surplus with the U. S. and protect intellectual property rights of American companies. Washington has imposed tariffs on $50 billion of Chinese exports since July, which triggered retaliation from Beijing.

Overnight, the potential trade talks helped support the U. S. stock market, with the closing up 0. 04% and edging up 0. 11%. Tech stocks remained troubled. Although Apple announced new iPhones, tech stocks closed 1% lower.

Chipmakers dropped as Goldman Sachs and Stifel downgraded a few businesses amidst industry concerns, offsetting the gains from the cheerful mood, leaving closing down 0. 23%.

China’s currency markets opened higher, with the rising 0. 23% at 10: 44PM ET (02: 44 GMT) but the technology-heavy climbed 0. 11%.

Hong Kong’s, which has been gripped by a bearish trend, jumped 1 . 33%.

Japan’s climbed 0. 79% and South Korea’s also rose 0. 13%. Down under, Australia’s fell 0. 52%.

Australia is because of release its employment data on Thursday, while the Bank of England and the European Central Bank will reach policy decisions on Thursday afternoon.

 

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