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Jan. 23, 2019, 9:27 a.m. EST

Asian markets struggle; Japan reports weak export data

Incremental moves for Nikkei, Hang Seng

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By Associated Press and Marketwatch


Associated Press
A woman walks past an electronic board showing Hang Seng index movement outside a local bank in Hong Kong on Wednesday.

Asian markets had a struggle on Wednesday, as Japan reported weak export data and news surfaced of possible hiccups in China-U.S. trade talks.

Japan’s Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK -0.78%  ended down 0.1% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.24%  rose around 0.5%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.71%  and the Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP +1.74%   finished flat. Australia’s S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.54%  fell 0.2%, while shares also fell in Taiwan  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.53%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.72%  .

U.S. investors returned from a holiday Tuesday to lower global growth forecasts by the International Monetary Fund and news that China’s economy expanded last year at its slowest pace since 1990. Reports that the Trump administration recently rejected a meeting with Chinese trade officials caused major indexes to slip further. The S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.08%   declined 1.4% to 2,632.90. The Dow Jones industrial average /zigman2/quotes/210598065/realtime DJIA -1.51%   dropped 1.2% to 24,404.48 and the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.86%   was down 1.9% at 7,020.36.

Among individual stocks, Apple supplier Japan Display /zigman2/quotes/204799605/delayed JP:6740 0.00%   surged after a Wall Street Journal report that it is seeking a bailout from an investor group due to disappointing sales of the iPhone XR. Subaru shares /zigman2/quotes/203522406/delayed JP:7270 -1.55%   tumbled after the Japanese auto maker halted auto production over a defective part . In Hong Kong, Apple suppliers AAC /zigman2/quotes/201441510/delayed HK:2018 +4.49%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +2.86%   fell, as did oil producer CNOOC /zigman2/quotes/203421416/delayed HK:883 -1.01%  . Oil companies fell in Australia too, with Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL -1.69%   and Oil Search /zigman2/quotes/204702973/delayed AU:OSH -3.17%  down.

On Wednesday, Japan released weaker-than-expected trade data for December. The country said its exports fell by 3.8% from a year earlier, its largest drop in two years. It also posted its first full-year trade deficit since 2015. Imports climbed 1.9% in December, missing the market estimate of a 3.7% rise, and way below November’s 12.5% surge. Weaker Japanese exports suggest that a slowdown in China, the world’s second largest economy, is starting to have an impact on companies elsewhere that rely on it for business.

Media outlets including the Financial Times and CNBC have reported that the White House turned down an offer by Chinese trade officials to meet in Washington this week, because of the lack of progress on matters like intellectual property theft. According to the reports, which cited unnamed sources close to the matter, the preparatory talks were meant to soften the ground before China’s economy czar, Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer meet on Jan. 30 and 31. White House economic adviser Larry Kudlow denied that, saying both sides are working toward the higher level talks. Separately, Kudlow told Reuters that President Donald Trump is “not going to back down” on forcing China to make substantive reforms concerning trade.

“The U.S. strategy might be to raise pressure on the Chinese ahead of the hard deadline in March, but this makes for uncomfortable interpretation by markets, and could potentially induce excessive volatility in the interim,” Chang Wei Liang of Mizuho Bank said in a commentary.

U.S. crude   picked up 0.4% to $5323 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed $1.03 lower at $53.01 per barrel on Tuesday. Brent crude  , used to price international oils, gained 0.6% to $61.89 per barrel. It dropped $1.24 to $61.50 per barrel in London.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0167%   fell to 109.83 yen from 109.37 yen late Tuesday. A downbeat inflation report from the Bank of Japan triggered those yen gains.

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,438.65
-176.04 -0.78%
Volume: 0.00
July 8, 2020 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,158.88
-5.29 -0.24%
Volume: 670,044
July 8, 2020 3:30p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,160.72
+185.06 +0.71%
Volume: 2.20M
July 8, 2020 3:48p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,403.44
+58.10 +1.74%
Volume: 58.71B
July 8, 2020 3:01p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,920.30
-92.60 -1.54%
Volume: 777,765
July 8, 2020 5:14p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,675.43
+14.01 +0.53%
Volume: 0.00
July 8, 2020 3:48p
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,577.96
+11.24 +0.72%
Volume: 0.00
July 8, 2020 3:48p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,145.32
-34.40 -1.08%
Volume: 2.29B
July 7, 2020 5:18p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,890.18
-396.85 -1.51%
Volume: 349.00M
July 7, 2020 5:18p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
10,343.89
-89.76 -0.86%
Volume: 3.96M
July 7, 2020 5:16p
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/zigman2/quotes/204799605/delayed
JP : Japan: Tokyo
¥ 49.00
0.00 0.00%
Volume: 6.17M
July 8, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥40.62 billion
Rev. per Employee
¥53.48M
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/zigman2/quotes/203522406/delayed
JP : Japan: Tokyo
¥ 2,222.00
-35.00 -1.55%
Volume: 1.95M
July 8, 2020 3:00p
P/E Ratio
11.17
Dividend Yield
4.50%
Market Cap
¥1762.91 billion
Rev. per Employee
¥95.93M
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 59.40
+2.55 +4.49%
Volume: 15.69M
July 8, 2020 3:48p
P/E Ratio
28.66
Dividend Yield
0.67%
Market Cap
HK$69.49 billion
Rev. per Employee
HK$411,637
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/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 143.80
+4.00 +2.86%
Volume: 5.22M
July 8, 2020 3:48p
P/E Ratio
35.00
Dividend Yield
0.56%
Market Cap
HK$156.63 billion
Rev. per Employee
HK$1.08M
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.81
-0.09 -1.01%
Volume: 87.43M
July 8, 2020 3:48p
P/E Ratio
5.68
Dividend Yield
8.85%
Market Cap
HK$410.31 billion
Rev. per Employee
HK$13.96M
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/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 20.91
-0.36 -1.69%
Volume: 2.39M
July 8, 2020 4:10p
P/E Ratio
40.45
Dividend Yield
6.52%
Market Cap
$20.55 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/204702973/delayed
AU : Australia: Sydney
$ 3.05
-0.10 -3.17%
Volume: 8.52M
July 8, 2020 4:10p
P/E Ratio
10.40
Dividend Yield
4.63%
Market Cap
$6.63 billion
Rev. per Employee
$1.46M
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.4980
-0.0180 -0.0167%
Volume: 0.0000
July 8, 2020 4:03a
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