Asian markets mixed as trade, recession worries linger

CNN Wire

Asian markets were mixed on Friday as worries linger over US-China trade tensions and a global slowdown.

The Hang Seng Index in Hong Kong fell briefly at open. But it rose 0.6% in mid-morning trading.

On Thursday, Hong Kong government unveiled a stimulus package worth about $19 billion Hong Kong dollars ($2.4 billion) to help avert a recession.

China’s Shanghai Composite Index gained 0.8% after opening lower.

Australia’s S&P/ASX 200 seesawed between small gains and losses. It last traded 0.1% lower. On Thursday, the index tumbled 2.9%.

Japan’s Nikkei was 0.1% higher after a lower open. South Korea’s Kospi declined 0.8% as it reopened Friday, following Thursday’s public holiday.

On Thursday, China said it would “take necessary countermeasures” after the United States announced earlier this month a new 10% tariff on $300 billion in Chinese goods. But a spokeswoman from the foreign ministry later calmed investor fears saying China remains hopeful for an eventual trade deal.

Here are some other big moves and talking points at 10:30 a.m. Hong Kong time:

  • Investors are awaiting further clues about China’s economic conditions. The country’s top economic planner is holding a press conference, according to the National Development and Reform Commission.
  • Tencent, the Chinese social media and gaming giant, continued to fall after it warned of challenges ahead for its business. It was last down 0.8%.
  • Ping An Insurance, China’s largest insurer, climbed 2.1% in Hong Kong after it posted a 68% surge in its first-half net profit. Its Shanghai-traded stock also gained 1.7%.
  • Tsingtao Brewery, China’s second largest beer maker, soared 9% in Shanghai, after its net profit increased more than 25% for the first half of the year. The Hong Kong-traded shares jumped 8%. Its bigger rival China Resources Beer also surged 7% in Hong Kong.
  • On Thursday, the Dow rose about 100 points, or 0.4%, recouping some of the heavy losses in the previous session. The S&P 500 ended 0.25% higher. But the Nasdaq, with its many tech companies, dipped 0.1%.
  • Alibaba, the Chinese online retailing giant, jumped 3% on Wall Street after it reported sales that beat market estimates. Its revenue surged 42% in the latest quarter.

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