Malaysia to put former Goldman Sachs banker on trial extradition to US

US-China trade talks weigh down European stocks

CapitaLand states that Singapore property not set for ‘big bump’

South Korean Capital to invest over $1 billion in fintech and blockchain

Singapore condo resale prices down 0.3% in January

 
FINANCE

Asia markets rise higher despite renewed US-China tensions

Asia-markets-rise-higher-GBO

Stocks in Asia traded higher despite renewed geopolitical tensions, as China accused the US of fueling cybersecurity fears

Investors also awaited developments on the US-China trade front. The White House stated that trade talks between the two economic powerhouses will continue in Washington, with higher level negotiations starting later in the week.

“Given the confluence of geopolitical uncertainties and the lingering shadow of trade tensions, Asian markets may tread a more cautious path today,” OCBC Treasury Research stated in a morning note.

Mainland Chinese markets gained in early trade, with the Shanghai composite rising around 0.6% while the Shenzhen component added 0.912%. The Shenzhen composite advanced 0.940%.

Hong Kong’s Hang Seng index also gained 0.43%.

Japan’s Nikkei 225 rose 0.12% and the Topix was 0.17% higher in morning trade, as shares of index heavyweight Fast Retailing gained 0.4%.

South Korea’s Kospi, on the other hand, recovered from its earlier losses to rise slightly.

The ASX 200 in Australia rose 0.4% in afternoon trade as most sectors saw gains. However, shares of health supplements company Blackmores plummeted more than 22% after the company issued a weaker outlook for the second half of its fiscal year on the back of concerns over its sales in China.

Blackmores CEO Richard Henfrey told CNBC’s “Squawk Box” on Tuesday the company was likely to deliver profits in the second-half that are “a little bit lower” as compared to the first-half, as a result of “softening” consumer sales in China but also due to investments across its markets.

“We’re very confident in the long-term,” Henfrey stated however.

Leave a Comment