Asia Shares Mixed Friday 11/16 05:55
Shares were mixed in Asia on Friday on revived concerns over the prospects
for a breakthrough in trade tensions between the U.S. and China.
SINGAPORE (AP) -- Shares were mixed in Asia on Friday on revived concerns
over the prospects for a breakthrough in trade tensions between the U.S. and
KEEPING SCORE: Japan's Nikkei 225 index lost 0.6 percent to 21,667.72 while
the Hang Seng in Hong Kong added 0.1 percent to 26,136.04. South Korea's Kospi
rose 0.2 percent to 2,092.07. Australia's S&P ASX 200 was 0.1 percent lower at
5,730.60. The Shanghai Composite index edged 0.9 percent higher to 2,692.53.
Shares in Southeast Asia were mostly higher.
WALL STREET REBOUND: Gains for technology companies and banks helped reverse
an early slide for U.S. stocks Thursday, breaking a five-day losing streak for
the market. The S&P 500 index rose 1.1 percent to 2,730.20. The Dow Jones
Industrial Average gained 0.8 percent to 25,289.27. The Nasdaq composite
climbed 1.7 percent to 7,259.03 and the Russell 2000 index of smaller companies
picked up 1.4 percent to 1,524.12.
CHINA-U.S. TRADE: Thursday's U.S. market rebound coincided with a Financial
Times report citing unnamed sources that said the United States' trade
representative, Robert Lighthizer, has told some executives that a planned
escalation in January of U.S. tariffs on imported goods from China are now on
hold. The Trump administration has imposed a 10 percent tariff on $200 billion
of Chinese goods over complaints Beijing steals or pressures foreign companies
to hand over technology as the price of market access. That tariff had been due
to rise to 25 percent in January. Another $50 billion of Chinese goods already
is subject to 25 percent duties. Beijing has responded with penalty duties on
$110 billion of American goods. Washington and Beijing resumed talks over their
spiraling trade dispute this week ahead of a meeting between Presidents Xi
Jinping and Donald Trump, China's Commerce Ministry said Thursday.
BREXIT: Major European stock indexes closed mostly lower on Thursday
following a flare-up in discord over British Prime Minister Theresa May's plan
for Britain's departure from the European Union next year. She persuaded a
majority in her Cabinet to back an agreement that would allow Britain to stay
in a customs union while a trade treaty is negotiated, but the deal faces an
uncertain fate in Parliament and two of her Cabinet ministers, including the
Brexit minister, resigned in protest. The disarray surrounding the process sent
the pound lower and hit British bank stocks. Barclay's slid 5.1 percent to
$8.54 and Royal Bank of Scotland slumped 8.9 percent to $5.93.
ENERGY: Benchmark U.S. crude oil rose 46 cents to $56.92 per barrel in
electronic trading on the New York Mercantile Exchange. It added 0.4 percent to
settle at $56.46 a barrel on Thursday. Brent crude, used to price international
oils, gained 63 cents to $67.25 a barrel. Despite the latest uptick, U.S. crude
oil is still down about 13.5 percent for the month.
CURRENCIES: The dollar slipped to 113.30 yen from 113.64 yen on Thursday.
The euro strengthened to $1.1346 from $1.1326. The pound steadied at $1.2810,
up from $1.2771.