Asian Markets Mixed; Nikkei Gains Amid “Great Progress” in U.S.-Japan Trade Talks

Investing.com - Asian markets were mixed in morning trade on Monday. Japan’s Nikkei 225 rose as U.S. President Donald Trump said Washington made “good progress” in trade talks with Japan.

China’s Shanghai Composite and the Shenzhen Component were unchanged at 2,853.20 and 8,776.60 respectively by 10:30 PM ET (02:30) GMT.

Hong Kong’s Hang Seng Index was down 0.6%.

Japan’s Nikkei 225 gains 0.3% after Trump said the U.S. is making “great progress” in trade negotiations with Japan. A trade deal will not happen before the country’s elections in July, he noted.

Glen Fukushima, former deputy assistant of United States Trade Representative for Japan and China, believes the two side can reach an agreement in the next six to nine months.

South Korea’s KOSPI slipped 0.2%.

Down under, Australia’s ASX slipped 0.1%.

Wang Zhijun, vice head of China’s Ministry of Industry and Information Technology, said in an interview that the U.S.’s sanction on Huawei is a rough disruption to the chip-making market.

“The U.S. has roughly interfered in the integrated circuit sector’s global market order with a groundless accusation,” said Wang. “The big irony is that U.S. has always paraded itself as being a market economy.”

He added that China will continue to open for foreign investment its airline, shipping, automobile and telecommunications industries. The country will also encourage more foreign investment, he added.

China will report its May economic performance on Friday. According to analysts, the official manufacturing PMI would likely contract amid the trade war with the U.S.

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