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June 4, 2019, 9:10 a.m. EDT

Asian markets mostly fall as investors mull trade war, potential rate cut by Fed

Aussie stocks modestly higher after central bank cuts interest rates

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By Associated Press and Marketwatch


Bloomberg News
Members of the People's Armed Police walk past the National Museum of China at Tiananmen Square in Beijing, ahead of the 30th anniversary of the crackdown on pro-democracy demonstrators.

Asian markets mostly retreated in cautious trading Tuesday, as global trade tensions continued and suggestions of a Federal Reserve interest-rate cut percolated.

Mexico sent officials to Washington on Monday to discuss potential U.S. tariffs and migration, and warned that the escalating tariffs that President Donald Trump has threatened would hurt the economies of both countries. Meanwhile, U.S. officials said China has not been telling the truth about why trade talks broke down, and blamed China for backtracking on promises that had been made.

St. Louis Fed President James Bullard said Monday that interest rates may have to be cut soon because of low inflation and the trade war’s threat to the economy. Some forecasters now expect as many as two rate cuts by the end of the year.

Wall Street was mixed, with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.07%   closing up slightly, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48%   and Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +1.29%   fell.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.18% finished flat, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.74%  fell 0.5%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.22%  closed down 0.9%and the smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.95%   sank 1.4%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.05%   was about flat, while stocks rose 0.5% in Singapore /zigman2/quotes/210597985/delayed SG:STI -0.18%   and fell 0.7% in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -0.02%  .

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.63%  finished 0.2% higher after the Reserve Bank of Australia cut its benchmark interest rate by a quarter of a percentage point to 1.25%, becoming the largest developed economy to cut interest rates in 2019.

It was the first cut in borrowing costs in nearly three years for the bank, and Gov. Philip Lowe said the risks from trade disputes have increased.

The move comes as market participants grow more convinced that the Federal Reserve will likely to cut rates later this year and follows a string of reductions by neighboring Asia-Pacific nations.

Among individual stocks, SoftBank /zigman2/quotes/207303954/delayed JP:9984 +0.10%   sank again in Tokyo trading, as did Nintendo   and Sony /zigman2/quotes/201361720/delayed JP:6758 -0.15%  . In Hong Kong, Sands China /zigman2/quotes/207609245/delayed HK:1928 -1.31%   and Tencent /zigman2/quotes/204605823/delayed HK:700 +0.54%   fell. Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.60%   retreated in South Korea, and Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 -0.68%   declined in Taiwan. BHP /zigman2/quotes/201448516/delayed AU:BHP -1.48%  , Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -0.25%   and Beach Energy /zigman2/quotes/200513631/delayed AU:BPT +1.25%   rallied in Australia.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,383.11
-17.53 -0.07%
Volume: 545.14M
May 29, 2020 5:14p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
9,489.87
+120.88 +1.29%
Volume: 4.24M
May 29, 2020 5:16p
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/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/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/210598015/delayed
CN : Shenhzen Stock Exchange
1,786.51
+16.81 +0.95%
Volume: 29.49B
May 29, 2020 3:00p
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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/210597985/delayed
SG : Singapore: SGX
2,510.75
-4.49 -0.18%
Volume: 0.00
May 29, 2020 5:20p
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
10,942.16
-2.03 -0.02%
Volume: 0.00
May 29, 2020 1:33p
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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/207303954/delayed
JP : Japan: Tokyo
¥ 4,832.00
+5.00 +0.10%
Volume: 21.51M
May 29, 2020 3:00p
P/E Ratio
32.42
Dividend Yield
0.91%
Market Cap
¥9992.53 billion
Rev. per Employee
¥126.96M
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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
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/zigman2/quotes/207609245/delayed
HK : Hong Kong
HK$ 30.15
-0.40 -1.31%
Volume: 18.78M
May 29, 2020 4:08p
P/E Ratio
15.31
Dividend Yield
3.28%
Market Cap
HK$243.88 billion
Rev. per Employee
HK$1.41M
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 410.40
+2.20 +0.54%
Volume: 29.28M
May 29, 2020 4:08p
P/E Ratio
36.95
Dividend Yield
0.29%
Market Cap
HK$3886.67 billion
Rev. per Employee
HK$8.27M
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
50,700.00
+300.00 +0.60%
Volume: 27.60M
May 29, 2020 3:30p
P/E Ratio
16.18
Dividend Yield
2.79%
Market Cap
₩344388.00 billion
Rev. per Employee
N/A
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/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 292.00
-2.00 -0.68%
Volume: 79.77M
May 29, 2020 1:30p
P/E Ratio
18.89
Dividend Yield
3.42%
Market Cap
NT$7571.68 billion
Rev. per Employee
N/A
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/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 34.64
-0.52 -1.48%
Volume: 14.06M
May 29, 2020 4:10p
P/E Ratio
12.96
Dividend Yield
6.15%
Market Cap
$175.17 billion
Rev. per Employee
N/A
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 93.40
-0.23 -0.25%
Volume: 3.85M
May 29, 2020 4:10p
P/E Ratio
13.32
Dividend Yield
7.04%
Market Cap
$150.95 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/200513631/delayed
AU : Australia: Sydney
$ 1.62
+0.02 +1.25%
Volume: 20.67M
May 29, 2020 4:10p
P/E Ratio
6.44
Dividend Yield
1.24%
Market Cap
$3.68 billion
Rev. per Employee
N/A
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