Asian stocks open mixed but mostly with negative performance

Asian stocks opened the fourth session on a mixed performance but mostly negative, as Chinese, Australian and New Zealand indices fell, in addition to Hong Kong's Hang Seng Index, while Japanese stocks and South Korea's Kospi Index rose today, amid market pricing for weak industrial sector data in China, which is the largest economy of Asia and the second largest economy in the world.

On Wednesday, we followed the end of the last rounds of trade negotiations between the United States and China in Shanghai. The official Xinhua news agency reported that the two sides had conducted "frank and effective in-depth exchanges," while the White House also announced yesterday that the two sides discussed many issues such as the forced technology transfer and intellectual property rights in addition to non-tariff and agricultural services and barriers.

In another context, we also followed yesterday the decision of the US Federal Open Market Committee to cut the federal funds rates by 25 basis points for the first time in more than a decade, which was expected in the markets, and Federal Reserve Governor Jerome Powell said during the press conference that was held after the end of the meeting of the committee that the decision came in view of the "global developments" and "weakening inflation".

In the same context, Federal Reserve Governor Powell said that the committee's decision at the July 30-31 meeting to cut interest rates to between 2.00% and 2.25% "was not the beginning of a long series of interest rate cuts." noting that it comes to face global risks and that it is not necessarily one-time only, reflecting that the course of monetary policy in the future will depend on the impact of global economic data on the performance of the US economy.

Japanese stock indexes rose during today's trading session, with the broader Topix index rising by 0.15% to win 2.32 points up to the level of 1,567.46, Nikkei 225 index rose by 0.08% to win 16.15 points up to 21,537.68.

On the other hand, China's CSI 300 index shed 0.31% (11.91 points) to 3,823.45. The Shanghai composite index fell by 0.37% (10.81 points) to 2,921.69.

Hong Kong's Hang Seng Index shed 0.42% (115.95 points) to 27,661.80, while South Korea's Kospi rose 0.33% (6.71 points) to 2,031.26.

To the New Zealand's NZX 50 index, which fell by 0.14% (15.02 points) to reach 10,842.73. On the other hand, Australia's S&P/ASX 200 index shed 0.22% (14.76 points) to 6,797.80.