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Asian markets were muted in early trading Monday despite Friday’s news that the U.S. and China have agreed on a “phase one” trade deal.
U.S. Trade Representative Robert Lighthizer said Sunday that the deal “is totally done, absolutely,” adding that China committed to buy $40 billion of American farm products over the next two years. and promised to end its long-standing practice of pressuring companies to hand over their technology as a condition of market access. China on Sunday said it would postpone punitive tariffs against U.S.-made autos and other goods following the trade agreement.
“For now, escalation seems to be off the table. However, the path to the comprehensive agreement is still miles away,” Stephen Innes, chief Asia market strategist at AxiTrader wrote in a note Sunday. “Ultimately, [the] phase-one deal fell short of market expectations and is probably not enough to fully restore business confidence or generate a meaningful recovery in exports or investment.”
Japan’s Nikkei
NIK, -0.02%
was about flat, and Hong Kong’s Hang Seng Index
HSI, -0.37%
slipped 0.3%. The Shanghai Composite
SHCOMP, +0.06%
rose slightly, while the smaller-cap Shenzhen Composite
399106, +0.82%
gained 0.8%. South Korea’s Kospi
180721, -0.08%
was little changed, while benchmark indexes in Taiwan
Y9999, +0.21%
, Singapore
STI, +0.02%
and Indonesia
JAKIDX, +0.35%
inched up. Australia’s S&P/ASX 200
XJO, +1.80%
jumped 1.6%.
Among individual stocks, Yahoo Japan parent Z Holdings
4689, +2.49%
gained in Tokyo trading, as did convenience-store chain FamilyMart
8028, +1.98%
and SoftBank
9984, +2.12%
. In Hong Kong, Sunny Optical
2382, +1.61%
and Galaxy Entertainment
27, +1.04%
rose, while AIA Group
1299, -1.39%
declined. Hyundai Motor
005380, -1.24%
fell in South Korea while BHP
BHP, +1.87%
and Westpac
WBC, +1.72%
advanced in Australia.
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