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Asian stocks waver ahead of Trump-Xi meet in Osaka G-20



BANGKOK – Stocks dared in Asia on Monday when investors looked at movement in China-US. trade conflict ahead of a meeting between presidents Donald Trump and Xi Jinping scheduled later in the week in Osaka, Japan, at the 20th Summit.

Japan's Nikkei 225 index increased by 0.2% to 21.302.38 while in Hong Kong Hang Seng also increased 0.2% to 28,538.39.

Kospi in South Korea managed 0.1% higher 2,128.69. Australia's S&P ASX 200 lost 0.1% to 6,643.30 and the Shanghai Composite Index declined 0.1% to 2.999.30. Stocks fell in Southeast Asia and Taiwan.

   Asian stocks waver in front of Trump-Xi meet in Osaka G-20

A man walks past an electronic stockpile showing Japan's Nikkei 225 index on a Tokyo securities company Monday June 24, 2019. Stocks in Asia on Monday then investors saw movement in China and the US trade conflict ahead of a meeting between presidents Donald Trump and Xi Jinping scheduled later in the week in Osaka, Japan, at 20 summits. (AP Photo / Eugene Hoshiko)

The biggest uncertainty that goes over the market remains US trade war with China. Stocks have largely rallied since Trump said he planned to meet Xi, even though Wall Street ended his milestone-setting week on a downbeat note on Friday as a late delight in selling nudged stocks lower and snapping a four-day winning knit.

On Friday, the United States reported that there were blacklisting five Chinese organizations involved in supercomputing with military-related applications, citing national security as grounds for denying its Asian geopolitical rival access to critical US technology.

The move from the US Commerce Department could complicate conversations with Xi with a view to de-escalating the wage war between the world's two largest economies.

The five blacklisted organizations located on the so-called Entity List include supercomputer maker Sugon, which is heavily dependent on US vendors, including chip makers Intel, Nvidia and Advanced Micro Devices.

The other four are Wuxi Jiangnan Institute of Computing Technology and three Sugon affiliates Iates. The Ministry of Commerce called its business "in violation of the national security and foreign policy interests in the United States."

"The Trump administration's further blacklisting of five Chinese tech companies before the G-20 meeting might not have been the best piece of news for markets with feelings hanging on US-China trade relations," said Jingyi Pan of IG in a comment.

"That said, neither has it taken any significant step for the worst in the market," she said, 19659002] Wall Street completed a landmark setup week on an infinite note Friday after a delayed sale of nudged shares lower, and ended the market's four-day winning line.

Even with the modest losses, the market gave its third straight weekly gain, with the benchmark index the S & P 500 index, just below its record high close to a day earlier. [19659002] The S & P 500 index fell 0.1% to 2.950.46 The Dow Jones Industrial Average dropped 0.1% to 26.719.13 The Nasdaq Composite fell 0.2% to 8.031.71

Smaller company shares went down worse than the rest of the market the ussell 2000 index declined by 0.9% to 1 549.63.

The large US stock indices have risen more than 7% so far this month, and stick to a gain of over 14% for the year.

Investors have been assured with statements from the Federal Reserve this month suggesting that the central bank is willing to cut interest rates due to a weakening global economy.

At the same time, traders are still concerned that the company's profits may suffer, the economic downturn that will prompt the Fed to cut prices should take hold.

A mixed group of economic data on Friday did not have much impact on trade, something that remained the most, as investors took a breath after a four-day rally. [19659002] Benchmark crude oil picked up 38 cents to $ 57.81 per barrel in electronic trading on the New York Mercantile Exchange. It rose 0.6% to pay $ 57.43 a barrel on Friday, ending with a 9.2% win for the week, the largest weekly win of more than two years.

Just a few weeks ago, the price of US commodity was in a correction, which Wall Street calls a drop of at least 20% from a recent peak.

Burned crude oil, the international standard, climbed 24 cents to $ 64.69 per barrel.

The dollar swam at 107.40 Japanese yen, up from 107.30 yen on Friday. The euro rose to $ 1,1381 from $ 1,1371. / GSG

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