Asian stocks open mixed as market assess recent trade directions

2019-05-17 08:11:45 GMT (
Asian stocks open mixed as market assess recent trade directions

Asian stocks opened the second session of the week on mixed performance, with more than 1% gains in the Japanese stocks, as well as the Australian and New Zealand stocks. While South Korea's Kospi Index tilted higher, while the Chinese stocks falling about 2% as Hong Kong's Hang Seng Index fell about 1% today, amid investors' assessment of the US administration's directions in the national trade files.


Yesterday, United States Secretary of Commerce, Wilbur Ross, said that the US President, Donald Trump, is announcing his decision regarding the US tariffs on the incoming cars on May 18th, saying that the US president has many options, and adding that he still has the option to go further with the trade talks next month, amid his notes that the US administration is currently focused on the trade talks between Washington and Beijing


US President, Donald Trump, said on Tuesday, that trade talks with China had not collapsed, while the Chinese Foreign Ministry spokesman said, that Beijing and Washington agreed to continue trade negotiations. This came after China announced that it would increase tariffs on imports of US goods by $60 billion to 25% from 10% by June, in response to a similar decision in which Washington approved tariff increases on imports of Chinese goods worth $200 billion.


China's decision at the beginning of the week highlighted the escalating trade war between China and the United States, which rose tariffs on Chinese goods valued at $200 billion, from 10% to 25%, bringing China's customs duties to 25%, at about $250 billion, amid a threat by the US President' administration to impose 25% customs duties on other Chinese goods estimated at $325 billion soon.


Japanese stocks witnessed a rise during today's trading session, with the broader Topix index rising by 1.59% to gain (24.39 point) up to 1,561.94, while Nikkei 225 index also rose by 1.56% (328.55 points) up to 21,391.53.


As for the Chinese stock indices, CSI 300 fell 1.81% to lose 67.85 points and reach 3,676.11, the Shanghai Composite Index also fell 1.53% (45.32 points) to reach 2,910.39.


As for Hong Kong's Hang Sang, it fell 0.97% (223.39 points) to 28,051.68. While South Korea's Kospi Index rose 0.02% (0.44 points) to 2,068.13.


To New Zealand's NZX 50, which rose 0.12% (11.71 points) to 10,188.70. While Australia's S&P/ASX 200 index also rose 0.72% to gain 45.77 points and reached the level of 6,373.60.

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