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July 16, 2019, 11:39 p.m. EDT

Asian markets pull back as trade tensions resurface

Stocks retreat in Tokyo, Hong Kong as Trump says ‘long way to go’ for trade deal

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By Marketwatch and Associated Press


Reuters
Containers are seen at a port in Ningbo, China.

Asian markets slipped in early trading Wednesday as trade tensions between the U.S. and China rose to the forefront again.

Following reports Monday that trade negotiations could resume soon, President Donald Trump threw water on investors’ optimism Tuesday, saying “We have a long way to go” before any deal. Trump added that he could impose tariffs on another $325 billion of Chinese imports if he wants to .

Separately, amid reports that the Trump administration may soon allow some U.S. companies to resume business with Chinese tech giant Huawei Technologies Co., bipartisan legislation was introduced in the Senate that would block Huawei from being removed from the government’s blacklist without congressional approval.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.40%   retreated 0.4%, and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.50%   slid 0.3%. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.49%   edged down 0.2%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.14%   fell 0.9%, and benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.08%  , Singapore /zigman2/quotes/210597985/delayed SG:STI -0.56%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.26%   all declined. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.33%   was one of the region’s few gainers, rising 0.4%.

Among individual stocks, SoftBank /zigman2/quotes/207303954/delayed JP:9984 -0.15%   fell in Tokyo trading, along with Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +1.12%   and Nintendo /zigman2/quotes/208063194/delayed JP:7974 +1.99%  . In Hong Kong, Geely Automobile /zigman2/quotes/200716015/delayed HK:175 +0.51%   rose, while oil producer CNOOC /zigman2/quotes/203421416/delayed HK:883 -0.35%   and food processor WH Group /zigman2/quotes/204247792/delayed HK:288 +0.15%   declined. Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.23%   dropped in South Korea and Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 0.00%   fell in Taiwan. In Australia, BHP /zigman2/quotes/201448516/delayed AU:BHP +0.63%   and Beach Energy /zigman2/quotes/200513631/delayed AU:BPT -1.33%   gained while Oil Search /zigman2/quotes/204702973/delayed AU:OSH +0.76%   fell.

“President Trump’s renewed threat of more tariffs on Chinese goods has investors bracing for weak trading in the Asian session today, tracking the negative sentiment in the U.S. overnight,” ING economists Nicholas Mapa and Prakash Sakpal said in their report.

The S&P 500 /zigman2/quotes/210599714/realtime SPX -2.59%   fell 10.26 points, or 0.3%, to 3,004.04. That marks the first decline in the benchmark index after five days of gains. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -2.37%   fell 23.53 points, or 0.1% to 27,335.63. The Nasdaq composite /zigman2/quotes/210598365/realtime COMP -3.00%   fell 35.39 points, or 0.4%, to 8,222.80.

The latest round of U.S. corporate financial reports ramps up this week and investors have low expectations. Wall Street is forecasting a 2.6% drop in profit for S&P 500 companies. It is set to be the first back-to-back quarterly decline in three years.

Also highly anticipated is the Federal Reserve meeting at the end of the month. Wall Street expects the central bank to raise interest rates to help secure U.S. economic growth threatened by a trade war with China.

Benchmark U.S. crude   added 2 cents to $57.64 a barrel. It fell $1.96 to settle at $57.62 per barrel Tuesday. Brent crude  , the international standard, rose 21 cents to $64.56 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.5295%   rose to 108.16 Japanese yen from 107.98 late Tuesday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
20,710.91
+82.90 +0.40%
Volume: 0.00
Aug. 23, 2019 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,179.33
+130.61 +0.50%
Volume: 1.62M
Aug. 23, 2019 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,897.43
+13.99 +0.49%
Volume: 15.92B
Aug. 23, 2019 3:01p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,948.30
-2.71 -0.14%
Volume: 381,086
Aug. 23, 2019 6:03p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
10,538.11
+8.33 +0.08%
Volume: 0.00
Aug. 23, 2019 1:33p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,110.35
-17.39 -0.56%
Volume: 0.00
Aug. 23, 2019 5:20p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,255.60
+16.35 +0.26%
Volume: 0.00
Aug. 23, 2019 4:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,523.10
+21.30 +0.33%
Volume: 779.00
Aug. 26, 2019 7:06a
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 4,738.00
-7.00 -0.15%
Volume: 10.35M
Aug. 23, 2019 3:00p
P/E Ratio
4.64
Dividend Yield
0.46%
Market Cap
¥9810.84 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 63,940.00
+710.00 +1.12%
Volume: 439,800
Aug. 23, 2019 3:00p
P/E Ratio
39.57
Dividend Yield
0.75%
Market Cap
¥6525.47 billion
Rev. per Employee
¥40.83M
loading...
/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 40,980.00
+800.00 +1.99%
Volume: 1.40M
Aug. 23, 2019 3:00p
P/E Ratio
27.32
Dividend Yield
1.98%
Market Cap
¥4881.72 billion
Rev. per Employee
¥217.41M
loading...
/zigman2/quotes/200716015/delayed
HK : Hong Kong
HK$ 11.94
+0.06 +0.51%
Volume: 56.93M
Aug. 23, 2019 4:08p
P/E Ratio
9.62
Dividend Yield
2.93%
Market Cap
HK$108.82 billion
Rev. per Employee
HK$3.04M
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 11.46
-0.04 -0.35%
Volume: 37.94M
Aug. 23, 2019 4:08p
P/E Ratio
8.20
Dividend Yield
6.11%
Market Cap
HK$511.66 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/204247792/delayed
HK : Hong Kong
HK$ 6.61
+0.01 +0.15%
Volume: 51.58M
Aug. 23, 2019 4:08p
P/E Ratio
12.45
Dividend Yield
3.03%
Market Cap
HK$97.24 billion
Rev. per Employee
HK$1.61M
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
43,950.00
-100.00 -0.23%
Volume: 5.02M
Aug. 23, 2019 3:30p
P/E Ratio
9.49
Dividend Yield
3.22%
Market Cap
₩298538.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 254.00
0.00 0.00%
Volume: 14.17M
Aug. 23, 2019 1:30p
P/E Ratio
20.76
Dividend Yield
0.00%
Market Cap
NT$6586.32 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 35.42
+0.22 +0.63%
Volume: 17,400
Aug. 23, 2019 4:10p
P/E Ratio
14.91
Dividend Yield
5.54%
Market Cap
$179.14 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200513631/delayed
AU : Australia: Sydney
$ 2.22
-0.03 -1.33%
Volume: 10.06M
Aug. 23, 2019 4:10p
P/E Ratio
8.79
Dividend Yield
0.90%
Market Cap
$5.06 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204702973/delayed
AU : Australia: Sydney
$ 6.63
+0.05 +0.76%
Volume: 4.10M
Aug. 23, 2019 4:10p
P/E Ratio
17.15
Dividend Yield
3.01%
Market Cap
$10.11 billion
Rev. per Employee
$1.46M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
2,847.11
-75.84 -2.59%
Volume: 2.35B
Aug. 23, 2019 5:10p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
25,628.90
-623.34 -2.37%
Volume: 364.26M
Aug. 23, 2019 5:10p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
7,751.77
-239.62 -3.00%
Volume: 1.85M
Aug. 23, 2019 5:16p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullet Prebon
104.8230
-0.5580 -0.5295%
Volume: 0.0000
Aug. 25, 2019 6:13p
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