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Asian stocks mixed amid underlying US-China tension
TOKYO (AP) — Asian stock markets were mixed Thursday amid fading concern over the trade tensions between the U.S. and China. Uncertainty remains, but the original tariff threats made earlier in the week were not followed through.
KEEPING SCORE: Japan's benchmark Nikkei 225 index finished up 0.6 percent at 22,693.04, and Australia's S&P/ASX 200 climbed 1.0 percent to 6,232.10. South Korea's Kospi dropped 1.0 percent to 2,339.95. Hong Kong's Hang Seng and the Shanghai Composite also fell, Hong Kong by 1.1 percent to 29,377.89 and Shanghai by 0.8 percent to 2,891.12.
WALL STREET: The S&P 500 index rose 4.73 points, or 0.2 percent, to 2,767.32. The Nasdaq composite gained 55.93 points, or 0.7 percent, to 7,781.51. The Russell 2000 index of smaller-company stocks added 13.54 points, or 0.8 percent, to 1,706.99, also closing at a record high. But the Dow industrials slipped 42.41 points, or 0.2 percent, to 24,657.80. The Dow has fallen for seven days in a row, its worst streak in more than a year, although the losses have been fairly small.
TRADE TENSIONS: Markets have been on edge with the U.S. and China announcing tariffs on each other's imports and threatening more. After a global drop on Tuesday, markets rebounded Wednesday and remain stable as the sting of President Trump's tariff threats fade.
ANALYST'S TAKE: "Uncertainties surrounding how things are moving on Trump's trade deal, not only with China but also with other economies, are still out there," said Margaret Yang Yan of CMC Markets. "We need to see constructive move in trade negotiations between Washington and Beijing so that market confidence can be restored."
ENERGY: U.S. crude lost 33 cents to $65.37 a barrel and Brent crude, the international standard for oil prices, lost 57 cents to $74.17 a barrel in London.
CURRENCY: The dollar rose to 110.71 yen from 110.02 yen late Wednesday. The euro dropped to $1.1548 from $1.1572.
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