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ASIA MARKETS: Asian Markets Mixed As U.S.-China Trade Deal Needs More Time

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10/16/2019 | 11:12pm EST

By Marketwatch and Associated Press

Mnuchin hopes for final deal next month; property companies boost Hang Seng

Asian markets were mixed in early trading Thursday amid a report that there's still a ways to go before the U.S. and China finalize a "phase one" limited trade deal.

U.S. Treasury Secretary Steve Mnuchin said ongoing negotiations are hoped to be wrapped up and a deal signed next month, the South China Morning Post reported (https://www.scmp.com/news/china/diplomacy/article/3033284/no-invitation-china-us-officials-travel-beijing-more-talks)Thursday, but there has been no invitation from Chinese officials for further high-level talks in Beijing. The report said Mnuchin hopes President Donald Trump and China's President Xi Jinping will sign an agreement at the Asia-Pacific Economic Cooperation summit in Chile in mid-November. Mnuchin also said there was no plan yet on what to do about U.S. tariff hikes on $156 billion of Chinese goods scheduled to take effect in December.

Meanwhile, there was optimism in Europe that a Brexit agreement could be reached as soon as Thursday, as German Chancellor Angela Merkel told reporters that negotiations were "in the final stretch."

Japan's Nikkei edged up 0.1% and Hong Kong's Hang Seng Index gained 0.9%. The Shanghai Composite inched up 0.1% as the Shenzhen Composite rose 0.2%. South Korea's etreated 0.2%, while benchmark indexes in Taiwan , Singapore , Malaysia and Indonesia were mixed. Australia's S&P/ASX 200 fell 0.4%.

Among individual stocks, e-commerce company Rakuten gained in Tokyo trading, along with Sony and SoftBank . Property companies surged in Hong Kong, led by New World Development , Sun Hung Kai Properties and Henderson Land Development (0012.HK) , after new government measures were announced (https://www.npr.org/2019/10/16/770560183/hong-kong-announces-housing-reforms-as-government-faces-20th-week-of-protests) to ease a housing shortage. Tech companies such as Samsung (005930.SE) , SK Hynix (000660.SE) and LG Electronics (066570.SE) fell in South Korea. BHP and Rio Tinto sank in Australia.

Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 1.28% 37.28 End-of-day quote.7.54%
CHINA-SHANGHAI COMP -0.64% 2891.34 End-of-day quote.15.75%
HANG SENG 0.01% 26322.51 Real-time Quote.1.84%
HENDERSON LAND DEVELOPMENT COMPANY LIMITED -0.41% 36.8 End-of-day quote.-5.64%
NEW WORLD DEVELOPMENT COMPANY LIMITED 0.19% 10.42 End-of-day quote.0.39%
NIKKEI 225 0.70% 23303.32 Real-time Quote.15.62%
RAKUTEN, INC. 0.64% 939 End-of-day quote.31.70%
RIO TINTO PLC 1.32% 4145.5 Delayed Quote.11.38%
S&P/ASX 200 0.87% 6793.7 Real-time Quote.19.28%
SOFTBANK GROUP CORP. -0.68% 4260 End-of-day quote.-39.19%
SONY CORPORATION 0.37% 6726 End-of-day quote.30.65%
SUN HUNG KAI PROPERTIES LIMITED -0.56% 107.4 End-of-day quote.-3.33%
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