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Asian Markets Rise Ahead of High-Level Sino-U.S. Trade Talks

Stock Markets Oct 07, 2019 10:28PM ET
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Investing.com - Asian markets rose in morning trade on Tuesday as traders await high-level trade talks between the U.S. and China due later week.

A new round of trade negotiations is set to begin on Thursday, although the latest reports suggested that China is becoming more hesitant to agree on a broad trade deal with the U.S.

Trade tension between the two sides intensified lately amid reports that Washington is considering ways to limit American investors’ portfolio flows into China, including potentially delisting Chinese companies from U.S. stock exchanges.

Bloomberg reported that eight Chinese technology companies were placed on a U.S. blacklist on Monday amid accusations of being implicated in human rights violations against Muslim minorities in the Xinjiang province.

China’s markets traded higher after re-opening following a week-long public holiday. The Shanghai Composite and the Shenzhen Component were up 0.8% and 0.9% respectively by 10;30 PM ET (02:30 GMT). While not a directional driver, the Caixin/Markit services purchasing managers’ index fell to 51.3 in September, compared to August’s 52.1.

Hong Kong’s Hang Seng Index rose 1.5%. Violence in the city escalated during the weekend after the government invoked a colonial-era emergency law to impose a ban on protesters wearing face masks. The decision further angered protestors, who destroyed China-owned banking facilities and retail outlets across the city.

U.S. President Donald Trump earlier warned China that if the country does anything “bad” to quell protests in Hong Kong, trade talks could suffer.

“They have to do that in a peaceful manner,” Trump told reporters at the White House on Monday.

Japan’s Nikkei 225 gained 1.1%.

South Korea’s KOSPI also climbed 1.1%. Index heavyweight Samsung Electronics Co Ltd (KS:005930)’s shares gained 1.2% even after the company said its third-quarter operating profit dropped by more than half from a year ago.

The company said its consolidated sales over the three months was 62 trillion won, down about 5.3% from a year ago.

Down under, Australia’s ASX 200 traded 0.4% higher.

Asian Markets Rise Ahead of High-Level Sino-U.S. Trade Talks
 

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