Yahoo Finance Asian Equities Mixed; China PMI, Trump-Kim Summit in Focus
Investing.com - Asian equities were mixed in morning trade on Thursday as recent optimism towards Sino-U.S. trade relations faded somewhat following comments from U.S. Trade Representative Robert Lighthizer.
China’s Shanghai Composite slipped 0.3% while the Shenzhen Component edged up 0.2% by 9:50 PM ET (02:50 GMT). Data showed on Thursday that the official Purchasing Manager's Index (PMI) fell to 49.2 in February, the weakest level since February 2016.
While not a major directional driver, China’s newly appointed Securities Regulatory Chairman Yi Huiman said in a press conference that the country still faces many risks including both domestic and foreign factors.
Recent Sino-U.S. trade optimism faded somewhat today after Lighthizer said on Wednesday that it was too early to predict an outcome in talks between Washington and Beijing.
Earlier this week, U.S. President Donald Trump announced a delay in tariffs hikes on Chinese goods, citing good progress in the latest round of trade talks.
Meanwhile, South Korea’s KOSPI traded 0.5% lower as Trump and North Korean leader Kim Jong Un began the second day of talks in Vietnam on nuclear disarmament. Analysts are closely monitoring if any concrete steps would be agreed on later today.
Trump on Wednesday told reporters that he is “in no rush” to find a solution to North Korea’s nuclear threat.
Instead, the President said he “appreciated no testing of nuclear rockets.”
"Speed is not that important to me," Trump said in a brief statement. "I very much appreciate no testing of nuclear rockets, missiles, any of it — very much appreciate it."
"I am in no rush — just we don't want the testing and we've developed something very special with respect to that," Trump added.
Kim, for his part, said "it's too early to tell, but I wouldn't say that I'm pessimistic. For what I feel right now, I do have a feeling that good results will come out."
Separately, the Bank of Korea held interest rates unchanged at 1.75% as expected.
Elsewhere, Japan’s Nikkei 225 lost 0.5%. Down under, Australia’s ASX 200 edged up 0.2%.
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