By Marketwatch and Associated Press
Asian markets retreated in early trading Thursday, as geopolitical tensions and the inverted U.S. Treasury yield curve weighed on investors concerned about a global economic slowdown.
U.S. Treasury Secretary Steve Mnuchin that he expects Chinese officials to travel to Washington for renewed trade negotiations, but did not give a timeline, Bloomberg News reported. He did not say if a previously scheduled September meeting would take place. Mnuchin also told Bloomberg that the U.S. does not plan in intervening in the U.S. dollar market for the time being, though “situations could change in the future.”
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.18% fell 0.5% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.74% slid 0.6%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.22% retreated 0.2% while the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.95% inched down 0.1%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.05% declined 0.2%, while benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.02% , Singapore /zigman2/quotes/210597985/delayed SG:STI -0.18% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.79% were mixed. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.63% slipped 0.1%.
Among individual stocks, e-commerce company Rakuten /zigman2/quotes/201861450/delayed JP:4755 -5.24% rose in Tokyo trading, while Honda /zigman2/quotes/200490352/delayed JP:7267 -3.93% and Nissan /zigman2/quotes/208298710/delayed JP:7201 -10.79% fell. In Hong Kong, Geely Automobile /zigman2/quotes/200716015/delayed HK:175 -9.56% dropped, along with tech giant Tencent /zigman2/quotes/204605823/delayed HK:700 +0.54% and casino operator Galaxy Entertainment /zigman2/quotes/202884203/delayed HK:27 -0.19% . Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.60% and SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -2.86% retreated in South Korea, and Beach Energy /zigman2/quotes/200513631/delayed AU:BPT +1.25% rose in Australia.