Asian Markets Mixed as Lighthizer Says No Date is Set for Phase Two Talks

Investing.com – Asian markets were mixed on Monday morning in Asia as U.S. Trade Representative Robert Lighthizersaid the phase one Sino-U.S. trade deal is “totally done,” but no date is set for the next phase two talks.

China’s Shanghai Composite slipped 0.1% by 11:35 PM ET (03:35 GMT), while the gained 0.6%. Hong Kong’s Hang Seng Index dropped 0.3%.

The phase one deal was agreed on Friday and the two nations are expected to official sign the partial accord in the first week of January, Lighthizer said.

“There’s a translation period, There are some scrubs,” Lighthizer said in an interview with CBS News on Sunday. “This is totally done. Absolutely,” he added.

“The question was, how big — how big was the first phase going to be. This is going to take years. We’re not going to resolve these differences very quickly.”

There is no scheduled date set for the second phase of talks, he noted. His comments contracted remarks by U.S. President Donald Trump, who said the phase two negotiations would start “immediately, rather than waiting until after the 2020 Election.”

On the data front, China’s industrial output rose 6.2% in November from a year earlier, versus a median estimate of 5.0%. Retail sales expanded 8.0% during the month, compared to a projected 7.6% increase. Fixed-asset investment was unchanged at 5.2% in the first eleven months, the same as forecast.

Japan’s Nikkei 225 traded 0.1% lower. The Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) edged down to a seasonally adjusted 48.8 in December from a final 48.9 in the previous month.

The index stayed below the 50.0 threshold that separates contraction from expansion for an eighth month.

South Korea’s KOSPI was little changed.

Down under, Australia’s ASX 200 surged 1.7% even after the country lowered its forecasts for wage increases, economic growth and budget surplus.

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