Yahoo Finance Asian Markets Fall as G-20 Starts; Lighthizer Says Trade Deal Won’t Be “Balanced”
Investing.com - Asian markets fell in morning trade on Friday as investors watched for developments at the the G-20 summit, but traders remained cautious ahead of the key U.S.-China presidential meeting tomorrow.
China’s Shanghai Composite and the Shenzhen Component fell 0.9% and 0.3%.
Saturday’s meeting between U.S. President Donald Trump and Chinese leader Xi Jinping are expected to be in focus, as reports of tariffs delays contrasted with Trump’s warning of more duties on Chinese goods.
Citing people familiar with the matter, CNBC reported that China wants a “balanced” trade deal, but U.S. Trade Representative Robert Lighthizer told Chinese Premier Liu He in a phone call that balance will not happen, citing various violations of intellectual property in the past.
Meanwhile, Xi condemned "bullying practices" in a meeting with African leaders ahead of the summit, according to Dai Bing, the foreign ministry’s Director General for African Affairs.
“Any attempt to put one’s own interests first and undermine others’ will not win any popularity,” Xi said, according to Dai.
Hong Kong’s Hang Seng Index was down 0.6%.
Japan’s Nikkei traded 0.7% lower. Trump confirmed today that he will meet with Japanese Prime Minister Shinzo Abe on the sidelines of the G-20 and he expects a “very big trade deal” will be announced.
“We’re going to be talking about many things and we’re also going to be talking about a lot of trade. I appreciate the fact that you’re sending many automobile companies into Michigan and Ohio and Pennsylvania and North Carolina,” Trump said at the start of the talks, adding that they will also discuss Japanese buying of U.S. military equipment.
South Korea’s KOSPI dropped 0.5%.
Down under, Australia’s ASX 200 was down 0.3%.
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