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July 25, 2019, 11:05 p.m. EDT

Asian markets pull back as Japan-South Korea trade tensions escalate

Japan reportedly will diminish South Korea’s trade status

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By Associated Press and Marketwatch


Getty Images
South Korean protesters hold up posters reading “No Abe” during a rally denouncing the Japanese government's trade policy on July 20 in Seoul.

Asian shares were lower Friday as investors continued to watch the brewing trade conflict between China and the U.S., and any signs of what’s in store from central banks.

Stocks fell the most in South Korea, after a report Friday by Kyodo News that Japan will remove the country from its list of most-favored trading partners, effective Aug. 2. Trade tensions between the two countries have been rising since a Korean court ruled last year that Japanese companies must pay compensation for forced-labor practices before and during World War II, a verdict that Japan claimed was illegal under international law.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.67%   fell 0.7%, while Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.34%   slid 0.5% in morning trading. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.25%   lost 0.2%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.17%   was down about 0.5%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.84%   was about flat.

Among individual stocks, IT equipment company Fujitsu /zigman2/quotes/208459594/delayed JP:6702 -0.39%   soared in Tokyo trading, while Honda Motor /zigman2/quotes/200490352/delayed JP:7267 +2.22%   and Nissan /zigman2/quotes/208298710/delayed JP:7201 -0.04%  , which announced 12,500 global layoffs as its quarterly profit plunged, fell. SoftBank /zigman2/quotes/207303954/delayed JP:9984 +3.36%   was barely changed after announcing a new $108 tech billion venture fund, backed by Apple /zigman2/quotes/202934861/composite AAPL +1.45%   and Microsoft /zigman2/quotes/207732364/composite MSFT +0.30%  , among others. In Hong Kong, food processor WH Group /zigman2/quotes/204247792/delayed HK:288 +0.70%   rose, while tech-component maker AAC /zigman2/quotes/201441510/delayed HK:2018 +0.62%   and oil producer CNOOC /zigman2/quotes/203421416/delayed HK:883 +1.16%   declined. LG Electronics /zigman2/quotes/209966407/delayed KR:066570 -2.33%   sank in South Korea while Kia Motors /zigman2/quotes/206019389/delayed KR:000270 -1.82%   gained. Beach Energy /zigman2/quotes/200513631/delayed AU:BPT 0.00%   and Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO +0.05%  advanced in Australia.

“Investors continue to digest green shoots of upcoming U.S.-China trade talks amid persisting anxiety about the likely turn economic policies in the developed world take. The ECB failed to deliver any easing yesterday and the focus now shifts to the Fed policy,” Nicholas Mapa and Prakash Sakpal, analysts at ING, wrote in their report.

U.S. and Chinese envoys are set to meet in Shanghai next week for talks aimed at ending a tariff war.

China’s Ministry of Commerce said Thursday that Chinese companies are willing to import more U.S. farm goods.

That announcement followed President Donald Trump’s criticism that Beijing was backsliding on a promise to narrow its trade surplus with the United States by purchasing more American farm products.

U.S. stocks retreated from record highs on Wall Street Thursday as large companies delivered weak earnings and disappointing forecasts.

The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.47%   fell 15.89 points, or 0.5%, to 3,003.67. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.40%   fell 128.99 points, or 0.5%, to 27,140.98. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.87%   fell 82.96 points, or 1%, to 8,238.54.

More than 36% of S&P 500 companies have reported their latest financial results and investors are still expecting a contraction in overall profit. That would mark the second quarter in a row of lower earnings.

Benchmark crude oil   gained 9 cents to $56.11 a barrel. It rose 14 cents to settle at $56.02 a barrel Thursday. Brent crude oil  , the international standard, fell 3 cents to $63.23 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.7256%   rose to 108.66 Japanese yen from 108.10 yen on Thursday.

/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,195.50
-14.84 -0.67%
Volume: 709,563
Feb. 20, 2020 3:30p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
23,479.15
+78.45 +0.34%
Volume: 0.00
Feb. 20, 2020 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,162.50
+17.90 +0.25%
Volume: 797,553
Feb. 20, 2020 5:23p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,609.16
-46.65 -0.17%
Volume: 1.58M
Feb. 20, 2020 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,030.15
+54.75 +1.84%
Volume: 34.57B
Feb. 20, 2020 3:00p
loading...
/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 12,630.00
-50.00 -0.39%
Volume: 883,100
Feb. 20, 2020 3:00p
P/E Ratio
16.77
Dividend Yield
1.43%
Market Cap
¥2570.02 billion
Rev. per Employee
¥28.38M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,041.00
+66.00 +2.22%
Volume: 5.69M
Feb. 20, 2020 3:00p
P/E Ratio
11.32
Dividend Yield
3.68%
Market Cap
¥5197.06 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 504.40
-0.20 -0.04%
Volume: 18.19M
Feb. 20, 2020 3:00p
P/E Ratio
47.30
Dividend Yield
1.98%
Market Cap
¥1974.57 billion
Rev. per Employee
¥85.36M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 5,531.00
+180.00 +3.36%
Volume: 20.07M
Feb. 20, 2020 3:00p
P/E Ratio
37.11
Dividend Yield
0.80%
Market Cap
¥11083.80 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 323.62
+4.62 +1.45%
Volume: 23.50M
Feb. 19, 2020 4:00p
P/E Ratio
25.56
Dividend Yield
0.95%
Market Cap
$1415.99 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 187.28
+0.56 +0.30%
Volume: 30.00M
Feb. 19, 2020 4:00p
P/E Ratio
32.60
Dividend Yield
1.09%
Market Cap
$1424.46 billion
Rev. per Employee
$902,473
loading...
/zigman2/quotes/204247792/delayed
HK : Hong Kong
HK$ 8.65
+0.06 +0.70%
Volume: 30.41M
Feb. 20, 2020 4:08p
P/E Ratio
16.29
Dividend Yield
2.31%
Market Cap
HK$126.51 billion
Rev. per Employee
HK$1.61M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 57.15
+0.35 +0.62%
Volume: 5.77M
Feb. 20, 2020 4:08p
P/E Ratio
21.80
Dividend Yield
2.50%
Market Cap
HK$68.64 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 12.22
+0.14 +1.16%
Volume: 65.31M
Feb. 20, 2020 4:08p
P/E Ratio
8.26
Dividend Yield
5.97%
Market Cap
HK$539.34 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/209966407/delayed
KR : S. Korea: KRX
67,200.00
-1,600 -2.33%
Volume: 677,402
Feb. 20, 2020 3:30p
P/E Ratio
66.11
Dividend Yield
1.12%
Market Cap
₩12388.60 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206019389/delayed
KR : S. Korea: KRX
40,550.00
-750.00 -1.82%
Volume: 1.14M
Feb. 20, 2020 3:30p
P/E Ratio
10.32
Dividend Yield
2.84%
Market Cap
₩16558.40 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200513631/delayed
AU : Australia: Sydney
$ 2.16
0.00 0.00%
Volume: 11.23M
Feb. 20, 2020 4:10p
P/E Ratio
8.62
Dividend Yield
0.93%
Market Cap
$4.93 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 98.14
+0.05 +0.05%
Volume: 960,358
Feb. 20, 2020 4:10p
P/E Ratio
8.94
Dividend Yield
9.14%
Market Cap
$159.27 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,386.15
+15.86 +0.47%
Volume: 1.73B
Feb. 19, 2020 5:05p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,348.03
+115.84 +0.40%
Volume: 242.65M
Feb. 19, 2020 5:05p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
9,817.18
+84.44 +0.87%
Volume: 2.29M
Feb. 19, 2020 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
112.1700
+0.8080 +0.7256%
Volume: 0.0000
Feb. 20, 2020 6:25a
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