Asian markets were mixed in early trading Tuesday, as investors grew wary as they waited for more details about last week’s agreement for a partial trade deal between the U.S. and China.
Doubts emerged Monday amid reports that Chinese officials wanted more talks before signing the so-called “phase one” deal. U.S. tariff hikes on about $160 billion in Chinese goods, scheduled to take effect in December, are apparently still on track, although tariff hikes on $250 billion of Chinese goods that were to take effect this week were postponed. A more comprehensive trade deal will come in three phases, President Donald Trump said, with the mode divisive issues to be tackled at a later date.
Japan’s Nikkei NIK, +1.72% surged 1.7% as traders returned from a holiday Monday. Hong Kong’s Hang Seng Index HSI, -0.02% was about flat, while the Shanghai Composite SHCOMP, -0.59% slipped 0.5% and the Shenzhen Composite 399106, -1.10% dipped 1%. South Korea’s Kospi 180721, +0.23% edged up 0.2%, and benchmark indexes in Taiwan Y9999, +0.45% , Singapore STI, +0.05% , Malaysia FBMKLCI, -0.14% and Indonesia JAKIDX, -0.10% were mostly up. Australia’s S&P/ASX 200 XJO, +0.02% inched down 0.1%.
Among individual stocks, SoftBank 9984, +3.01% gained in Tokyo trading, along with Toyota 7203, +1.11% and Fast Retailing 9983, +1.99% . In Hong Kong, China Resources Land 1109, +0.85% rose while CNOOC 883, -1.34% and WH Group 288, -1.30% declined. Taiwan Semiconductor 2330, +1.72% rose in Taiwan, while Beach Energy BPT, -1.87% and BHP BHP, -1.42% fell in Australia.