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Dec. 3, 2019, 11:17 p.m. EST

Asian markets sink after Trump’s trade-deal comments

Nikkei, Hang Seng down more than 1%

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By Marketwatch and Associated Press


Bloomberg News
The Fast Retailing Co. Uniqlo flagship store is illuminated at night in Osaka, Japan. Fast Retailing shares sank Wednesday in Tokyo trading.

Asian markets fell in early trading Wednesday after President Donald Trump said a trade deal with China may not come until after the 2020 presidential election.

“In some ways, I think it’s better to wait until after the election if you want to know the truth. But I’m not going to say that, I just think that,” Trump said Tuesday at a news conference in London, where he was attending a NATO summit.

U.S. stocks sank after the remark, though the three major indexes closed above session lows.

Trade tensions could escalate further, after Congress late Tuesday overwhelmingly approved a bill condemning China’s mass detention of ethnic Muslims, and called for sanctions against some officials responsible. China reacted harshly last week to a bill Trump signed last week supporting Hong Kong’s pro-democracy protesters.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +2.96%   fell 1.2%, as the country’s parliament on Wednesday approved a trade deal with the U.S. Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.83%   sank 1.1%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.55%   retreated 0.3%. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +2.50%   dropped 1%, and benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +2.08%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.80%  , Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.74%   and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.93%   all fell. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +3.75%   declined 1.4% after data showed the economy sputtered in the third quarter despite fiscal stimulus.

Among individual stocks, Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +2.02%   sank in Tokyo trading after the Uniqlo parent said sales fell more than 5% year-over-year in November. Honda /zigman2/quotes/200490352/delayed JP:7267 +2.15%  and oil producer Inpex /zigman2/quotes/206689846/delayed JP:1605 +5.36%   also fell. In Hong Kong, tech company Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -0.33%   and developers China Overseas Land & Investment /zigman2/quotes/205731176/delayed HK:688 +4.89%   and New World Development /zigman2/quotes/202357413/delayed HK:17 -6.28%   declined. Samsung /zigman2/quotes/209800866/delayed KR:005930 +3.95%   retreated in South Korea, and BHP /zigman2/quotes/201448516/delayed AU:BHP +3.81%   and Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO +3.08%   tumbled in Australia.

“Until both sides dial down their hawkish rhetoric, markets will continue to pull back earlier optimism,” said DBS Group analysts in a report. “Trade war will be the key driver of sentiment in the immediate few weeks.”

On Wall Street, the benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX +2.59%   fell 0.7% to 3,093.20. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +2.66%   lost 1% to 27,502.81. The Nasdaq /zigman2/quotes/210598365/realtime COMP +2.27%   dropped 0.6% to 8,520.64.

Negotiators have yet to agree on details of an interim deal that Trump has called “Phase 1” deal.

Investors also are also weighing the potential for additional trade disputes.

On Tuesday, Trump proposed tariffs on $2.4 billion in French products in retaliation for a tax on global tech giants including Alphabet’s /zigman2/quotes/202490156/composite GOOGL +3.13%   Google, Amazon /zigman2/quotes/210331248/composite AMZN +2.55%   and Facebook  . That follows a threat Monday to raise tariffs on steel and aluminum from Argentina and Brazil.

Also Wednesday, Australia disappointed investors by reporting third-quarter economic growth declined to 0.4% over the previous quarter from 0.6% in the three months ending in June. The Australian central bank had described the economy as experiencing a “gentle upturn.”

Benchmark U.S. crude   rose 40 cents to $56.50 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 14 cents on Tuesday to close at $56.10. Brent crude  , used to price international oils, rose 48 cents to $61.30 per barrel in London. It lost 10 cents the previous session to $60.82.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0975%   declined to 108.59 yen from Tuesday’s 108.63 yen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,992.21
+776.42 +2.96%
Volume: 0.00
Oct. 4, 2022 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,079.51
-143.32 -0.83%
Volume: 1.36M
Oct. 3, 2022 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,024.39
-16.81 -0.55%
Volume: 20.41B
Sept. 30, 2022 3:00p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,209.38
+53.89 +2.50%
Volume: 412,585
Oct. 4, 2022 3:30p
loading...
/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
13,576.52
+276.04 +2.08%
Volume: 0.00
Oct. 4, 2022 1:33p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,131.91
+24.82 +0.80%
Volume: 0.00
Oct. 4, 2022 3:02p
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,407.98
+10.36 +0.74%
Volume: 0.00
Oct. 4, 2022 3:02p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
7,074.66
+64.94 +0.93%
Volume: 0.00
Oct. 4, 2022 2:07p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,699.30
+242.40 +3.75%
Volume: 1.01M
Oct. 4, 2022 5:30p
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 77,860.00
+1,540 +2.02%
Volume: 680,300
Oct. 4, 2022 3:00p
P/E Ratio
31.08
Dividend Yield
0.80%
Market Cap
¥7836.71 billion
Rev. per Employee
¥39.58M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,279.00
+69.00 +2.15%
Volume: 5.91M
Oct. 4, 2022 3:00p
P/E Ratio
8.88
Dividend Yield
3.66%
Market Cap
¥5406.81 billion
Rev. per Employee
¥72.53M
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 1,475.00
+75.00 +5.36%
Volume: 13.20M
Oct. 4, 2022 3:00p
P/E Ratio
5.87
Dividend Yield
4.07%
Market Cap
¥1881.61 billion
Rev. per Employee
¥578.38M
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
$ 74.90
-0.25 -0.33%
Volume: 4.32M
Oct. 3, 2022 4:08p
P/E Ratio
18.53
Dividend Yield
1.49%
Market Cap
$82.24 billion
Rev. per Employee
$1.70M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
$ 21.45
+1.00 +4.89%
Volume: 33.10M
Oct. 3, 2022 4:08p
P/E Ratio
5.39
Dividend Yield
5.41%
Market Cap
$223.82 billion
Rev. per Employee
$51.24M
loading...
/zigman2/quotes/202357413/delayed
HK : Hong Kong
$ 20.90
-1.40 -6.28%
Volume: 11.89M
Oct. 3, 2022 4:08p
P/E Ratio
42.29
Dividend Yield
9.86%
Market Cap
$56.12 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
55,200.00
+2,100 +3.95%
Volume: 19.05M
Oct. 4, 2022 3:30p
P/E Ratio
8.37
Dividend Yield
2.62%
Market Cap
₩355588.85 billion
Rev. per Employee
₩2.69B
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 40.07
+1.47 +3.81%
Volume: 11.31M
Oct. 4, 2022 4:10p
P/E Ratio
6.47
Dividend Yield
11.56%
Market Cap
$195.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 95.97
+2.87 +3.08%
Volume: 1.35M
Oct. 4, 2022 4:10p
P/E Ratio
6.41
Dividend Yield
10.90%
Market Cap
$140.77 billion
Rev. per Employee
$1.68M
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,678.43
+92.81 +2.59%
Volume: 2.22B
Oct. 3, 2022 7:15p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,490.89
+765.38 +2.66%
Volume: 320.97M
Oct. 3, 2022 7:15p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
10,815.43
+239.82 +2.27%
Volume: 4.46B
Oct. 3, 2022 5:16p
loading...
/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 98.64
+2.99 +3.13%
Volume: 27.98M
Oct. 3, 2022 4:00p
P/E Ratio
18.36
Dividend Yield
N/A
Market Cap
$1250.95 billion
Rev. per Employee
$1.77M
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 115.88
+2.88 +2.55%
Volume: 50.94M
Oct. 3, 2022 4:00p
P/E Ratio
103.71
Dividend Yield
N/A
Market Cap
$1151.19 billion
Rev. per Employee
$302,178
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.7000
+0.1410 +0.0975%
Volume: 0.0000
Oct. 4, 2022 3:17a
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