Asian shares higher as trade conflict uncertainty persists

30-Jun-2018 Intellasia | AP | 6:02 AM Print This Post

Asian shares were higher but trading in a narrow range Friday as investors weighed how trade tensions between the US and other nations might escalate.

KEEPING SCORE: Japan’s benchmark Nikkei 225 edged 0.1 percent higher to 22,296.69, while Australia’s S&P/ASX 200 was virtually unchanged at 6,217.00. South Korea’s Kospi advanced 0.3 percent to 2,320.58. Hong Kong’s Hang Seng added 1.1 percent to 28,821.90, while the Shanghai Composite index rose 1.2 percent to 2,820.33.

WALL STREET: The S&P 500 index added 0.6 percent to 2,716.31. The Dow Jones Industrial Average rose 0.4 percent to 24,216.05 and the Nasdaq composite gained 0.8 percent to 7,503.68. The Russell 2000 index of smaller-company stocks picked up 0.3 percent to 1,645.02.

TRADE WORRIES: President Donald Trump’s threat of tariff hikes on up to $450 billion of Chinese products reflects fears Beijing’s plans are a threat to American technological leadership and prosperity. That has triggered global worries about how the curtailing of free trade might hurt economies and industrial sectors, but markets are still unsure of what the impact might be.

THE QUOTE: “Risk sentiment has firmed noticeably on the dearth of new headlines surrounding trade tensions,” says Chang Wei Liang at Mizuho Bank in Singapore.

ENERGY: Benchmark US crude fell 27 cents to $73.17. It gained 0.9 percent to $73.45 a barrel in New York overnight. Brent crude, used to price international oils, fell 15 cents to $77.46 a barrel.

CURRENCIES: The dollar rose to 110.70 yen from 110.50 yen late Thursday. The euro climbed to $ 1.1648 from $1.1567.


Category: FinanceAsia

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