Asian markets mixed

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  • 6 months ago
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Asian shares slipped on Friday as trade tensions continued to hurt sentiment, while weak corporate earnings in Europe added to worries about global growth and outweighed hopes for progress in Brexit negotiations.

With U.S. markets closed overnight for Thanksgiving and Japan on holiday on Friday, trading activity was muted. Regional indicators turned lower after China’s markets opened.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.2 percent, giving up early, small gains as Chinese blue-chips .CSI300 dropped 1.4 percent and the Shanghai Composite index .SSEC lost 1.6 percent.

China’s markets have been stuck in a slump as the country’s trade war with the U.S. has exacerbated worries about slowing growth. Few analysts expect sustained improvement for Chinese shares even if U.S. and Chinese leaders make progress in mending ties at a G20 meeting in Argentina at the end of the month.

At this stage, some economists doubt the G20 talks will bring progress.

Prakash Sakpal of ING in Singapore said there “haven’t been any promising developments” since the trade war started.

“There is a lot of rhetoric driving things farther from any sort of solid consensus that both countries could come around.”

Seoul's Kospi .KS11 was down 0.6 percent. Hong Kong's Hang Seng .HSI was off 0.4 percent, as were Taiwan shares .TWII.

Australian shares held on to gains, rising 0.5 percent, but were on track for a second week of losses.



Source: Reuters