Yahoo Finance Asian Markets Mixed, Chinese Equities Retreat ahead of U.S.-China Talks
Investing.com - Asian stocks were mixed in afternoon trade on Friday after White House economic advisor Larry Kudlow confirmed Chinese-U.S. trade talks will resume later this month, but warned that U.S. President Donald Trump is determined the administration gets a good deal.
"The Chinese government, in its totality, must not underestimate President Trump's toughness and willingness to continue this battle to eliminate tariffs and nontariff barriers and quotas, to stop the theft of intellectual property and to stop the forced transfer of technology," Kudlow said. "Those are the asks that we've been making now for quite some time."
Meanwhile, the lira crisis also eased somewhat as Berat Albayrak, Turkey’s finance minister, described the current situation as a “market anomaly” and that he is confident Turkey would emerge stronger from the crisis.
However, there are still concerns over Turkish President Tayyip Erdogan's policies to combat the country's double-digit inflation and his row with Washington over detained American pastor Andrew Brunson.
“Albayrak’s plan to stabilize Turkey’s economy invites skepticism. Fiscal policy to do heavy lifting via cuts. Little to say on interest rates. Thus Edogan’s dotty views on rate rises/inflation still prevail,” said Robert Ward of the Economist Intelligence Unit.
In Asia, China’s Shanghai Composite and the Shenzhen Component opened higher but were down 0.5% and 0.7% respectively by 1:45PM ET (05:45 GMT). Hong Kong’s Hang Seng Index gained 0.4%.
HNA Group, a conglomerate in China and the parent company of the Hong Kong-listed CWT International (HK:0521) (formerly known as HNA Holding) , is in talks to sell its 21-story 850 Third Avenue in New York, a building under U.S. government’s scrutiny for its proximity to the Trump tower, Bloomberg reported citing sources familiar with the matter.
HNA is hoping to sell the building to B&L Management Co. which values the building at $452 million. HNA and its partners acquired the property for $463 million in 2016, according to the report.
China’s Premier Li Keqiang said on Thursday that the country will roll out new incentives to support private investment and business.
At a State Council executive meeting, Li said obstacles to private investment in fields such as health care and care for the elderly will be reduced or removed, and the government will seek to cut restrictions on land use, funding support and personnel training in these areas.
Meanwhile, Japan’s Nikkei 225 rose 0.4%, and South Korea’s KOSPI edged up 0.2%.
Australia’s S&P/ASX 200 traded 0.2% higher in morning trade.
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