Investing.com - Asian stocks were mixed in morning trade on Wednesday, as investors traded cautiously following a Financial Times report that the White House rejected a trade meeting with Chinese officials this week.
China’s Shanghai Composite edged up 0.1%, while the Shenzhen Component was little changed at 7,514.97 by 9:13 PM ET (02:13 GMT). Hong Kong’s Hang Seng Index traded 0.1% higher.
Citing a source familiar with the situation, CNBC reported that Washington called off the meeting due to “outstanding disagreements between the two sides over the enforcement of intellectual property rules.”
U.S. trade officials were scheduled to meet with two Chinese vice ministers this week, the report said.
However, White House Economic Advisor Larry Kudlow later denied that an official meeting had been cancelled and said that “there was never a planning meeting” other than the visit by Chinese Vice Premier Liu He next week.
The White House told CNBC that "the teams remain in touch in preparation for high-level talks with Vice Premier Liu He at the end of this month."
Separately, while not a directional driver for Asian equities, China’s Finance Ministry officials said on Wednesday that Beijing would step up fiscal spending this year to support its economy.
The Bank of Japan kept its monetary policy steady on Wednesday as expected. The central bank maintained its short-term interest rate target at minus 0.1% and trimmed its inflation forecast.
Apple (NASDAQ:AAPL) supplier Japan Display Inc (T:6740) jumped as much as 10% on reports that the company is looking for a bailout after disappointing sales of the iPhone XR. The company supplies the display screens used in the iPhone XR.
Automaker Subaru Corp (T:7270) slid 5% after the company said it had halted production at its car factory in Japan after it found a defect in a component procured from a supplier.
Elsewhere, South Korea’s KOSPI was up 0.3%.
Down under, Australia’s ASX 200 slipped 0.3%.