Asian Markets Mixed; Chinese Stocks Gain Despite Trade Concerns
Investing.com - Asian markets were mixed in morning trade on Tuesday. Chinese stocks gained despite continuing trade concerns.
The Shanghai Composite traded 0.4% higher by 10:25 PM ET (02:25 GMT). The Shenzhen Component jumped 1.4%.
Citing a government source, CNBC reported that China is pessimistic about a trade deal and found U.S. President Donald Trump’s comment that he did not agree on cancelling tariffs troubling.
Trump’s comments contradicted with remarks made by Chinese Commerce Ministry spokesperson Gao Feng earlier this month, who said that the two nations had reached an agreement on the tariff rollback.
Hong Kong stocks rose again despite further unrest in the city. Overnight, U.S. Senate Majority Leader Mitch McConnell urged Trump to speak out on behalf of the protesters in Hong Kong and make the city’s autonomy a focus of America’s bilateral engagement with China.
“The world should hear from him directly that the United States stands with these brave women and men,” said McConnell.
The Hang Seng Index last traded at 26,882.0, climbing 0.8%.
Japan’s Nikkei 225 dropped 0.3%.
South Korea’s KOSPI fell 0.5%.
Down under, Australia’s S&P/ASX 200 advanced 0.3% after the Reserve Bank of Australia’s (RBA) released the minutes of its latest minute earlier in the day.
“The Board agreed that a case could be made to ease monetary policy at this meeting, but that the most appropriate approach would be to maintain the current stance of monetary policy and to make another full assessment once more evidence of the effects of the earlier monetary easing had become available,” the minutes said.
The RBA Board also “discussed the possibility that a further reduction in interest rates could have a different effect on confidence than in the past, when interest rates were at higher levels.”
The central bank has slashed rates three times so far this year.
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