Asian markets were mixed in early trading Tuesday, as investors weighed the tariff truce between the U.S. and China and the potential for a trade deal.
President Donald Trump said Monday that renewed talks have “already begun,” CNBC reported, and added that any deal “has to be better for us than for them.” But days after the trade-war timeout was announced, details were still scarce, with no announcement of high-level negotiations and the looming possibility that new tariffs could still be imposed if talks are not successful.
Stocks rose on Wall Street, though off session highs, and Morgan Stanley analysts warned that barring concrete progress, the truce rally may be short-lived.
Japan’s Nikkei NIK, +0.08% was last about flat after wavering between slight gains and losses in morning trading. Hong Kong’s Hang Seng Index HSI, +1.35% , which was closed for a holiday Monday, gained 1.1%, essentially making up lost ground as most Asian markets surged Monday. The territory appeared calm a day after protesters and police clashed again. The Shanghai Composite SHCOMP, -0.06% slipped 0.1% while the smaller-cap Shenzhen Composite 399106, +0.21% was slightly in the green. South Korea’s Kospi 180721, -0.28% declined 0.2%, and benchmark indexes in Taiwan Y9999, -0.24% , Singapore STI, -0.53% and Indonesia JAKIDX, +0.06% fell. Stocks rose in Malaysia FBMKLCI, +0.35% . Australia’s S&P/ASX 200 XJO, +0.32% gained 0.3% ahead of a monetary-policy announcement by the Reserve Bank of Australia, which is expected to cut interest rates.
Among individual stocks, Fujitsu 6702, +3.02% gained in Tokyo trading. Hitachi 6501, +2.05% also rose, while oil producer Inpex 1605, -1.19% fell. In Hong Kong, smartphone component makers Sunny Optical 2382, +9.05% and AAC 2018, +9.13% surged, as did casino operators Sands China 1928, +7.50% and Galaxy Entertainment 27, +7.79% . Chip maker SK Hynix 000660, +1.71% advanced in South Korea while Hyundai Motor 005380, -3.19% fell. Rio Tinto RIO, +1.54% rose in Australia, while Westpac Banking WBC, -0.81% slipped.
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