Asian stocks today: Markets mostly tank after Donald Trump–Xi Jinping meet; China’s Shanghai Composite slips 0.3%
Trump described his meeting with Xi as “amazing,” announcing tariff reductions on Chinese goods to 47 per cent and a cut in fentanyl-related duties to 10 per cent.
He also said China would resume buys of American soybeans and temporarily lift restrictions on rare earth exports.
Beijing has yet to issue an official response. In Japan, the Nikkei 225 edged up less than 0.1 per cent to 51,333.51 after the Bank of Japan kept interest rates unchanged but reiterated its readiness to raise borrowing costs if growth stays on track.
The yen weakened to 152.94 per dollar following the decision.
Hong Kong’s Hang Seng index initially fell 0.2 per cent to 26,298.64 but later recovered to gain 0.8 per cent at 26,555.36, after the Hong Kong Monetary Authority cut its base rate to 4.25 per cent in line with the US Federal Reserve. Mainland China’s Shanghai Composite slipped 0.3 per cent to 4,006.60. South Korea’s Kospi briefly surpassed the 4,000 mark and closed at 4,084.91, supported by optimism following new trade understandings with the United States.
Australia’s S&P/ASX 200 fell 0.5 per cent to 8,885.50, while India’s BSE Sensex declined 0.5 per cent.
Taiwan’s Taiex also ended slightly lower. On Wall Street overnight, the S&P 500 finished largely flat, the Dow Jones Industrial Average edged lower, and the Nasdaq gained 0.5 per cent.
Fed Chair Jerome Powell signalled that further rate cuts were “not guaranteed” in December, citing uncertainty stemming from the ongoing US government shutdown. In commodities, US crude slipped to $60.24 per barrel and Brent crude to $64.10.
The euro firmed to $1.1627, while gold rose 0.8 per cent to $3,960 per ounce.
