Asian stocks mixed as US-China tech tensions rise

Chinese shares had the strongest gains in the region, while stocks dipped in Tokyo and fluctuated in Hong Kong.

May 21, 2019 03:05 IST India Infoline News Service

Stock Market Trader, Stock Trader, Trading
Asian stocks were mixed Tuesday as investors digested moves by Washington against Huawei Technologies Co. that sank US technology shares overnight. The yuan steadied near a six-month low.

Chinese shares had the strongest gains in the region, while stocks dipped in Tokyo and fluctuated in Hong Kong. Samsung Electronics Co. helped bolster Korean shares, on bets it may benefit from Huawei’s need to shift away from US suppliers. S&P 500 Index futures climbed after the benchmark dropped Monday, with semiconductor stocks among the biggest laggards as the

White House blacklisted China’s top telecom company. Australia’s dollar dropped after the central bank governor flagged that an interest-rate cut will be considered next month. Treasury yields stabilized with the dollar.

Markets remain on edge as the trade dispute develops. Trump said in an interview he was “very happy” with the trade war and that China wouldn’t become the world’s top superpower under his watch. In response, China could retaliate as Chinese companies’ “legitimate rights and interests are being undermined,” Zhang Ming, the nation’s ambassador to the European Union said.

Meanwhile, crude firmed on optimism production curbs from major oil producers will be maintained.

Source: Bloomberg

Related Story