By Dow Jones Newswires
Asia-Pacific stock markets largely cooled Tuesday as the previous day’s global gains appear to have stalled ahead of a weekend meeting between President Donald Trump and China’s President Xi Jinping over trade.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -3.67% rose 0.6%. Panasonic /zigman2/quotes/201785256/delayed JP:6752 -4.85% was up 2.7% and Renesas Electronics /zigman2/quotes/203872935/delayed JP:6723 -7.00% climbed 2% amid hopes for a strong U.S. holiday-shopping season. But so-called domestic-demand stocks that had recently attracted buying amid global-growth concerns were down. Pharmaceuticals and utilities were the two worst-performing sectors, as the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -1.3670% was around ¥113.46, versus ¥113.21 as of Monday’s Tokyo stock market close.
Hong Kong‘s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.42% firmed early on but finished down nearly 0.2%, with property stocks weak after Monday’s gains. Energy was also lagging with oil prices sliding, though tech names were up modestly; Cnooc /zigman2/quotes/203421416/delayed HK:883 -4.47% was off 2% while Tencent /zigman2/quotes/204605823/delayed HK:700 -3.31% rose nearly 2%. Meanwhile, Tingyi shares /zigman2/quotes/208969648/delayed HK:322 -0.56% logged one of its worst days ever as the China-based instant noodle/beverage maker reported what analysts at Jefferies call an unexpected revenue drop last quarter.
Chinese stocks were higher, led by small caps. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -3.71% started firmer but ended down less than 0.1%, versus a 0.4% gain for the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -4.93% . Tech companies were doing well after recent weakness, and oil names were up after Monday’s slump.
rose 1% as energy companies gained. New Zealand stocks
were up slightly as well.
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -3.30% rose as Hyundai Motor /zigman2/quotes/206684590/delayed KR:005380 -4.96% jumped about 6%. Taiwan’s Taiex slipped initially as Foxconn /zigman2/quotes/204111604/delayed TW:2354 -0.17% fell nearly 1% but the main index finished in the green. Singapore’s benchmark index /zigman2/quotes/210597985/delayed SG:STI -3.23% was about flat.