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Dec. 5, 2018, 4:28 a.m. EST

Asian stocks pare losses after China hails ‘successful’ trade talks

Financial stocks bear brunt of losses, with Hong Kong faring worst

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By Staff and Associated Press


Reuters
The HSBC headquarters is seen at the financial Central district in Hong Kong. HSBS shares fell about 2% Wednesday.

Asian stocks fell Wednesday, tracking a brutal session on Wall Street, but optimism over the trade front after comments from the Chinese government helped stem the losses.

On Tuesday, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.38%   fell nearly 800 points. The yield on the benchmark 10-year Treasury note fell to its lowest level in three months, signaling that the bond market is worried about long-term economic growth. The sell-off short-circuited a recent rally on Wall Street.

The market gained Monday after the Trump administration said U.S. and China agreed to a temporary cease-fire in a trade dispute, but confusion emerged over just what was agreed. Last week, stocks jumped when the Federal Reserve’s chairman indicated the central bank could slow the pace of interest rate increases.

Fresh comment on the trade front from China appeared to help keep a lid on selling. A spokesman for China’s Ministry of Commerce said in a statement Wednesday that it will begin implementing measures agreed with the U.S. “immediately,” acknowledging the 90-day timetable for trade talks referenced by U.S. President Donald Trump on Tuesday.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.19%  closed down 1.6%, with tech stocks seeing pressure — Tencent /zigman2/quotes/204605823/delayed HK:700 +0.78%   shedding 2.3% and smartphone-component firms AAC /zigman2/quotes/201441510/delayed HK:2018 -4.97%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -1.70%   off 3.7% and 7.3%, respectively. Banks also fell, with HSBC /zigman2/quotes/202687335/delayed HK:5 +3.52%   down 2% and China Construction Bank /zigman2/quotes/208974133/delayed HK:939 -1.21%   off 2.7%. In mainland China, the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -1.99%   finished off 0.6% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -3.01%  ended with a 0.2% rise.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.39%   closed 0.5% lower, with financial stocks faring poorly — insurer Dai-Ichi Life /zigman2/quotes/208507587/delayed JP:8750 +2.28%   and Nomura /zigman2/quotes/206251373/delayed JP:8604 +0.73%   fell around 3% each. Robotics maker Fanuc /zigman2/quotes/202054799/delayed JP:6954 +1.64%   dropped more than 3%.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.08%   dropped 0.7%, with Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.17%   down 1.7%. Benchmarks in Taiwan   and Singapore /zigman2/quotes/210597985/delayed SG:STI -0.25%   fell 1.7% and 0.5%, respectively.

Australia’s S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.40%   dropped around 0.8% after third-quarter GDP data came in below expectations. Banking stocks again took a hit, with Westpac /zigman2/quotes/203084975/delayed AU:WBC +2.02%  , Commonwealth Bank /zigman2/quotes/200638713/delayed AU:CBA -0.64%   and ANZ Banking Group /zigman2/quotes/205482049/delayed AU:ANZ +1.84%   all down more than 1%. New Zealand’s benchmark /zigman2/quotes/211587880/delayed NZ:NZ50GR -1.59%   closed nearly 1% lower.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,686.91
-104.53 -0.38%
Volume: 430.09M
Aug. 11, 2020 5:08p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,842.89
-47.79 -0.19%
Volume: 689,021
Aug. 12, 2020 12:05p
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 517.50
+4.00 +0.78%
Volume: 7.70M
Aug. 12, 2020 11:59a
P/E Ratio
46.60
Dividend Yield
0.23%
Market Cap
HK$4768.66 billion
Rev. per Employee
HK$8.27M
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 55.50
-2.90 -4.97%
Volume: 7.02M
Aug. 12, 2020 11:59a
P/E Ratio
26.78
Dividend Yield
0.72%
Market Cap
HK$69.85 billion
Rev. per Employee
HK$411,637
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/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 138.50
-2.40 -1.70%
Volume: 3.27M
Aug. 12, 2020 11:59a
P/E Ratio
33.71
Dividend Yield
0.58%
Market Cap
HK$154.33 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 35.30
+1.20 +3.52%
Volume: 46.11M
Aug. 12, 2020 11:59a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
HK$683.84 billion
Rev. per Employee
HK$2.88M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 5.73
-0.07 -1.21%
Volume: 61.48M
Aug. 12, 2020 11:59a
P/E Ratio
4.71
Dividend Yield
6.10%
Market Cap
HK$1431.82 billion
Rev. per Employee
HK$3.31M
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,273.75
-66.54 -1.99%
Volume: 24.60B
Aug. 12, 2020 12:11p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,175.85
-67.60 -3.01%
Volume: 28.89B
Aug. 12, 2020 11:30a
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/zigman2/quotes/210597971/delayed
JP : Nikkei
22,838.17
+87.93 +0.39%
Volume: 0.00
Aug. 12, 2020 1:06p
loading...
/zigman2/quotes/208507587/delayed
JP : Japan: Tokyo
¥ 1,434.00
+32.00 +2.28%
Volume: 3.21M
Aug. 12, 2020 1:06p
P/E Ratio
51.85
Dividend Yield
4.32%
Market Cap
¥1479.48 billion
Rev. per Employee
¥103.65M
loading...
/zigman2/quotes/206251373/delayed
JP : Japan: Tokyo
¥ 537.60
+3.90 +0.73%
Volume: 7.38M
Aug. 12, 2020 1:06p
P/E Ratio
5.77
Dividend Yield
3.16%
Market Cap
¥1572.31 billion
Rev. per Employee
¥65.89M
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 18,955.00
+305.00 +1.64%
Volume: 404,700
Aug. 12, 2020 1:06p
P/E Ratio
61.46
Dividend Yield
N/A
Market Cap
¥3501.76 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,416.71
-1.96 -0.08%
Volume: 523,136
Aug. 12, 2020 1:06p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
58,300.00
+100.00 +0.17%
Volume: 12.26M
Aug. 12, 2020 1:06p
P/E Ratio
18.60
Dividend Yield
2.43%
Market Cap
₩386280.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,537.73
-6.42 -0.25%
Volume: 0.00
Aug. 12, 2020 12:11p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,114.00
-24.70 -0.40%
Volume: 433,241
Aug. 12, 2020 2:06p
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 18.14
+0.36 +2.02%
Volume: 7.43M
Aug. 12, 2020 2:06p
P/E Ratio
13.63
Dividend Yield
9.59%
Market Cap
$62.45 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 74.22
-0.48 -0.64%
Volume: 2.46M
Aug. 12, 2020 2:06p
P/E Ratio
13.67
Dividend Yield
5.81%
Market Cap
$130.90 billion
Rev. per Employee
$919,022
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 18.83
+0.34 +1.84%
Volume: 4.98M
Aug. 12, 2020 2:06p
P/E Ratio
12.88
Dividend Yield
11.59%
Market Cap
$51.44 billion
Rev. per Employee
$908,476
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,460.25
-185.07 -1.59%
Volume: 0.00
Aug. 12, 2020 4:05p
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