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Asian markets were mixed in early trading Thursday amid a report that there’s still a ways to go before the U.S. and China finalize a “phase one” limited trade deal.
U.S. Treasury Secretary Steve Mnuchin said ongoing negotiations are hoped to be wrapped up and a deal signed next month, the South China Morning Post reported Thursday, but there has been no invitation from Chinese officials for further high-level talks in Beijing. The report said Mnuchin hopes President Donald Trump and China’s President Xi Jinping will sign an agreement at the Asia-Pacific Economic Cooperation summit in Chile in mid-November. Mnuchin also said there was no plan yet on what to do about U.S. tariff hikes on $156 billion of Chinese goods scheduled to take effect in December.
Meanwhile, there was optimism in Europe that a Brexit agreement could be reached as soon as Thursday, as German Chancellor Angela Merkel told reporters that negotiations were “in the final stretch.”
Japan’s Nikkei NIK, -0.02% edged up 0.1% and Hong Kong’s Hang Seng Index HSI, +0.76% gained 0.9%. The Shanghai Composite SHCOMP, +0.00% inched up 0.1% as the Shenzhen Composite 399106, +0.17% rose 0.2%. South Korea’s 180721, -0.17% etreated 0.2%, while benchmark indexes in Taiwan Y9999, -0.07% , Singapore STI, -0.20% , Malaysia FBMKLCI, -0.07% and Indonesia JAKIDX, +0.15% were mixed. Australia’s S&P/ASX 200 XJO, -0.64% fell 0.4%.
Among individual stocks, e-commerce company Rakuten 4755, +2.18% gained in Tokyo trading, along with Sony 6758, +1.84% and SoftBank 9984, +1.20% . Property companies surged in Hong Kong, led by New World Development 17, +4.28% , Sun Hung Kai Properties 16, +2.60% and Henderson Land Development 12, +3.01% , after new government measures were announced to ease a housing shortage. Tech companies such as Samsung 005930, -0.79% , SK Hynix 000660, -1.58% and LG Electronics 066570, -1.85% fell in South Korea. BHP BHP, -2.47% and Rio Tinto RIO, -2.08% sank in Australia.
