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Nov. 25, 2019, 11:57 p.m. EST

Asian markets mixed on new optimism for U.S.-China trade deal

Trade envoys speak by phone; Alibaba pops in Hong Kong offering

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By Associated Press and Marketwatch


Reuters
Containers are seen at the Yangshan Deep Water Port in Shanghai.

Asian shares were mixed after an upbeat start Tuesday on optimism over U.S.-China trade talks, prompted by Beijing’s new guidelines for the protection of patents and copyrights.

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -0.18%   advanced 0.6% in morning trading. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.63%   gained 0.7%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.05%   added 0.4%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.74%  retreated slightly and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.22%   was about flat.

Among individual stocks, Sony /zigman2/quotes/201361720/delayed JP:6758 -0.15%   gained in Tokyo trading, along with Nintendo  and Rakuten /zigman2/quotes/201861450/delayed JP:4755 -5.24%  . In Hong Kong, Alibaba surged more than 6% after the opening bell, in a massive secondary offering . Geely Automobile /zigman2/quotes/200716015/delayed HK:175 -9.56%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -0.78%   also gained. Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.60%   rose in South Korea, while Westpac /zigman2/quotes/203084975/delayed AU:WBC -6.36%   advanced in Australia after the bank’s CEO said he plans to resign following a money-laundering scandal.

Gains on Wall Street were led by technology companies after China’s announcement of new, stronger guidelines for protecting patents, copyrights and other intellectual property. Piracy is a sore point in U.S.-China trade tensions. Markets saw China’s latest move as an encouraging sign for negotiations on the first phase of a deal to end a punishing tariff war between the two biggest economies.

“There is renewed hope on some progress of U.S.-China trade talk after China’s state-backed news media Global Times said that both sides are ‘very close’ to phase one deal,” said Zhu Huani, at Mizuho Bank in Singapore.

An announcement by China’s Commerce Ministry early Tuesday that top trade negotiators from both sides spoke by phone and agreed to continue talks did not seem to spur significant gains. That might be because the vaguely worded notice did not mention specifics or indicated how much progress has been made.

The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48%   rose 23.35 points, or 0.8%, to 3,133.64. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.07%   climbed 190.85, or 0.7%, to 28,066.47, and the Nasdaq /zigman2/quotes/210598365/realtime COMP +1.29%  umped 112.60, or 1.3%, to 8,632.49. All three indexes set records.

In the U.S., stocks have been rallying for weeks as worries about a possible recession have faded. A resilient job market, which helps households continue to spend, and three interest-rate cuts by the U.S. Federal Reserve have bolstered confidence.

Benchmark crude oil   fell 3 cents to $57.98 in electronic trading on the New York Mercantile Exchange. It rose 24 cents to $58.01 a barrel on Monday. Brent crude oil  , the international standard, lost 2 cents to $62.60 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0009%   rose to 108.99 Japanese yen from 108.93 yen on Monday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
21,877.89
-38.42 -0.18%
Volume: 0.00
May 29, 2020 3:00p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,755.70
-95.40 -1.63%
Volume: 2.45M
May 29, 2020 5:16p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,029.60
+1.06 +0.05%
Volume: 1.09M
May 29, 2020 3:33p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
22,961.47
-171.29 -0.74%
Volume: 3.62M
May 29, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,852.35
+6.13 +0.22%
Volume: 20.68B
May 29, 2020 3:01p
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/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 6,874.00
-10.00 -0.15%
Volume: 9.67M
May 29, 2020 3:00p
P/E Ratio
14.92
Dividend Yield
0.65%
Market Cap
¥8387.39 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/201861450/delayed
JP : Japan: Tokyo
¥ 976.00
-54.00 -5.24%
Volume: 19.10M
May 29, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.46%
Market Cap
¥1323.70 billion
Rev. per Employee
¥74.20M
loading...
/zigman2/quotes/200716015/delayed
HK : Hong Kong
HK$ 10.60
-1.12 -9.56%
Volume: 360.07M
May 29, 2020 4:08p
P/E Ratio
10.48
Dividend Yield
2.36%
Market Cap
HK$97.65 billion
Rev. per Employee
HK$3.04M
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 102.40
-0.80 -0.78%
Volume: 8.93M
May 29, 2020 4:08p
P/E Ratio
24.92
Dividend Yield
0.79%
Market Cap
HK$112.32 billion
Rev. per Employee
HK$1.08M
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
50,700.00
+300.00 +0.60%
Volume: 27.60M
May 29, 2020 3:30p
P/E Ratio
16.18
Dividend Yield
2.79%
Market Cap
₩344388.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 17.22
-1.17 -6.36%
Volume: 31.57M
May 29, 2020 4:10p
P/E Ratio
12.94
Dividend Yield
10.10%
Market Cap
$62.09 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,383.11
-17.53 -0.07%
Volume: 545.14M
May 29, 2020 5:14p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
9,489.87
+120.88 +1.29%
Volume: 4.24M
May 29, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.8050
+0.0010 +0.0009%
Volume: 0.0000
May 29, 2020 4:59p
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