Asian markets were mixed in early trading Friday, as investors refocused on geopolitical tensions.
Iran said Thursday it had shot down a U.S. military drone, an act that President Donald Trump said may have been an accident on Iran’s part. It is unclear how or if the U.S. will react, as tensions in the Persian Gulf region continue to simmer. When asked Thursday if the U.S. would retaliate, Trump said “You’ll soon find out.”
Late Thursday, the Federal Aviation Administration prohibited U.S. carriers from flying over Iranian-controlled parts of the Persian Gulf and Gulf of Oman, over fears of a jetliner accidentally being shot down.
Meanwhile, North Korea’s Kim Jong Un suggested a willingness to compromise and return to denuclearization talks after a summit with China’s President Xi Jinping, according to the Wall Street Journal. In return, Xi reportedly pledged Chinese security and development support.
Japan’s Nikkei NIK, -0.20% retreated 0.7% and South Korea’s Kospi 180721, -0.18% slipped 0.2%. Hong Kong’s Hang Seng Index HSI, -0.29% gained 1% as protesters again gathered in front of government offices. The Shanghai Composite SHCOMP, +0.61% rose 0.1% and the smaller-cap Shenzhen Composite 399106, +1.49% surged 1.3%. Benchmark indexes in Taiwan Y9999, +0.34% , Singapore STI, -0.21% and Indonesia JAKIDX, -0.50% were mixed. Australia’s S&P/ASX 200 XJO, -0.52% fell 0.4%.
Among individual stocks, oil producer Inpex 1605, +3.65% gained in Tokyo trading as oil prices surged. SoftBank 9984, -1.33% and Sony 6758, -0.87% declined. In Hong Kong, CNOOC 883, +2.13% and PetroChina 857, +1.15% rose while Sands China 1928, -1.84% and Geely Automobile 175, -1.05% fell. SK Hynix 000660, -1.34% dropped in South Korea while Taiwan Semiconductor 2330, +1.22% gained in Taiwan. In Australia, Beach Energy BPT, +2.81% and Fortescue Metals FMG, +2.69% jumped.
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