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Feb. 8, 2019, 7:16 a.m. EST

Asian markets drop on renewed worries over U.S.-China trade talks

Nikkei down, Hang Seng slips after reopening from holiday

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By Associated Press and Marketwatch


Reuters
A lion dance is performed during a ceremony marking the first day of trade after Lunar New Year at the Hong Kong stock exchange Friday.

Asian markets tumbled on Friday after President Donald Trump said he doesn’t plan to meet Chinese leader Xi Jinping before a tariffs truce ends in March.

Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +2.96%  , reopening after a Lunar New Year break, gave up 0.2%. The Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.81%   in South Korea closed down 1.2% and Australia’s S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.15%  lost 0.3%.

Tencent /zigman2/quotes/204605823/delayed HK:700 +3.53%   fell in Hong Kong trading, as did CNOOC /zigman2/quotes/203421416/delayed HK:883 +2.96%   and CSPC Pharmaceutical /zigman2/quotes/200847219/delayed HK:1093 +3.00%  , while AAC /zigman2/quotes/201441510/delayed HK:2018 +5.93%  , Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +7.31%   and AIA Group /zigman2/quotes/203565558/delayed HK:1299 +4.19%   gained. Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.74%   slid in Korea, and Australian energy stocks, such as Santos /zigman2/quotes/207349564/delayed AU:STO -1.58% , Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL -3.75%   and Beach Energy /zigman2/quotes/200513631/delayed AU:BPT -2.72%   tumbled.

Stocks fell in Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +1.39% and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.02%  , but were flat in Singapore /zigman2/quotes/210597985/delayed SG:STI +1.56%  . Markets in China and Taiwan were closed.

On Thursday, Trump did not dismiss the possibility of meeting Xi in the next month or so. But he shook his head and said no when reporters asked if the meeting would take place before March 2. That marks the end of a 90-day tariffs truce mooted after Trump and Xi met in December.

Read: New White House message on China is that there’s a long way to go before striking trade deal

Unless American and Chinese negotiators come to a new agreement, the U.S. is expected to raise import taxes from 10% to 25% for $200 billion in Chinese goods. The trade dispute between the world’s two largest economies, which has cooled in recent months, has weighed on the outlook of businesses and the global economy.

“The worries surround the uncertainties of a resolution to the likelihood of further tariffs in this on-again, off-again confidence with regards to a deal,” Jingyi Pan of IG said in a market commentary.

U.S. Treasury Secretary Stephen Mnuchin and trade representative Robert Lighthizer will lead a delegation to Beijing next week for the next round of trade talks. Officials have reported little progress on contentious issues but remain hopeful that a deal will be struck.

Japan’s Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK +1.27%   closed down 2%. On Friday, Japanese electronics and entertainment company Sony /zigman2/quotes/201361720/delayed JP:6758 +1.19%   announced its first 100 billion yen ($911.2 million) share buyback for 2.36% of its Tokyo-listed stock. Its shares closed up 4%. Meanwhile, Nikon /zigman2/quotes/203281219/delayed JP:7731 +1.83%   plunged and auto makers such as Toyota /zigman2/quotes/203803129/delayed JP:7203 +2.14%   and Honda /zigman2/quotes/200490352/delayed JP:7267 +0.63%   slipped.

On Wall Street, stocks closed lower Thursday following a sell-off by technology companies, health care stocks and banks. Twitter /zigman2/quotes/203180645/composite TWTR +2.68%   plunged almost 10% after issuing a weak forecast. The broad S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.01%   shed 0.9% to 2,706.05. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.03%   was 0.9% lower at 25,169.53 and the Nasdaq composite /zigman2/quotes/210598365/realtime COMP -0.30%   slid 1.2% to 7,288.35.

U.S. crude   lost 29 cents to $52.35 per barrel in electronic trading on the New York Mercantile Exchange. It dropped $1.37 to settle at $52.64 per barrel in New York. Brent crude  , used to price international oils, rose 5 cents to $61.67 per barrel. It fell $1.06 to close at $61.63 per barrel in London.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0477%   weakened to 109.76 yen from 109.82 yen late Thursday.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,717.24
+596.56 +2.96%
Volume: 2.17M
May 20, 2022 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,639.29
+46.95 +1.81%
Volume: 755,652
May 20, 2022 3:30p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,145.60
+81.10 +1.15%
Volume: 698,129
May 20, 2022 5:07p
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 352.20
+12.00 +3.53%
Volume: 28.33M
May 20, 2022 4:08p
P/E Ratio
12.58
Dividend Yield
0.45%
Market Cap
$3246.76 billion
Rev. per Employee
$5.99M
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
$ 11.14
+0.32 +2.96%
Volume: 118.84M
May 20, 2022 4:08p
P/E Ratio
5.87
Dividend Yield
2.69%
Market Cap
$495.06 billion
Rev. per Employee
$15.38M
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/zigman2/quotes/200847219/delayed
HK : Hong Kong
$ 7.90
+0.23 +3.00%
Volume: 22.10M
May 20, 2022 4:08p
P/E Ratio
13.99
Dividend Yield
2.28%
Market Cap
$91.38 billion
Rev. per Employee
$1.36M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
$ 17.50
+0.98 +5.93%
Volume: 7.30M
May 20, 2022 4:08p
P/E Ratio
13.34
Dividend Yield
1.14%
Market Cap
$19.96 billion
Rev. per Employee
$566,423
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
$ 117.40
+8.00 +7.31%
Volume: 7.61M
May 20, 2022 4:08p
P/E Ratio
21.38
Dividend Yield
0.95%
Market Cap
$119.72 billion
Rev. per Employee
$1.83M
loading...
/zigman2/quotes/203565558/delayed
HK : Hong Kong
$ 80.85
+3.25 +4.19%
Volume: 35.32M
May 20, 2022 4:08p
P/E Ratio
16.93
Dividend Yield
1.81%
Market Cap
$932.31 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
68,000.00
+500.00 +0.74%
Volume: 12.11M
May 20, 2022 3:30p
P/E Ratio
11.77
Dividend Yield
2.12%
Market Cap
₩452415.83 billion
Rev. per Employee
₩2.46B
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/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 8.08
-0.13 -1.58%
Volume: 19.30M
May 20, 2022 4:10p
P/E Ratio
19.89
Dividend Yield
3.26%
Market Cap
$27.75 billion
Rev. per Employee
$1.69M
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/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 28.77
-1.12 -3.75%
Volume: 10.94M
May 20, 2022 4:10p
P/E Ratio
10.40
Dividend Yield
6.51%
Market Cap
$29.35 billion
Rev. per Employee
$2.52M
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/zigman2/quotes/200513631/delayed
AU : Australia: Sydney
$ 1.61
-0.05 -2.72%
Volume: 8.34M
May 20, 2022 4:10p
P/E Ratio
9.16
Dividend Yield
1.24%
Market Cap
$3.77 billion
Rev. per Employee
N/A
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,918.14
+94.81 +1.39%
Volume: 0.00
May 20, 2022 3:00p
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,549.12
-0.29 -0.02%
Volume: 0.00
May 20, 2022 5:05p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,240.58
+49.87 +1.56%
Volume: 0.00
May 20, 2022 5:20p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
26,739.03
+336.19 +1.27%
Volume: 0.00
May 20, 2022 3:15p
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/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,525.00
+135.00 +1.19%
Volume: 3.09M
May 20, 2022 3:00p
P/E Ratio
16.35
Dividend Yield
0.61%
Market Cap
¥14126.87 billion
Rev. per Employee
¥90.44M
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 1,502.00
+27.00 +1.83%
Volume: 2.72M
May 20, 2022 3:00p
P/E Ratio
19.84
Dividend Yield
2.66%
Market Cap
¥541.62 billion
Rev. per Employee
¥27.32M
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 2,048.00
+43.00 +2.14%
Volume: 23.68M
May 20, 2022 3:00p
P/E Ratio
9.98
Dividend Yield
2.73%
Market Cap
¥27770.81 billion
Rev. per Employee
¥85.67M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,218.00
+20.00 +0.63%
Volume: 3.89M
May 20, 2022 3:00p
P/E Ratio
7.83
Dividend Yield
3.73%
Market Cap
¥5511.94 billion
Rev. per Employee
¥68.85M
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/zigman2/quotes/203180645/composite
US : U.S.: NYSE
$ 38.29
+1.00 +2.68%
Volume: 23.63M
May 20, 2022 4:03p
P/E Ratio
167.79
Dividend Yield
N/A
Market Cap
$28.50 billion
Rev. per Employee
$698,993
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,901.36
+0.57 +0.01%
Volume: 3.00B
May 20, 2022 5:03p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,261.90
+8.77 +0.03%
Volume: 498.89M
May 20, 2022 5:03p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,354.62
-33.88 -0.30%
Volume: 4.64M
May 20, 2022 5:16p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
127.8780
+0.0610 +0.0477%
Volume: 0.0000
May 20, 2022 4:59p
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