MANILA, Philippines -- Asian shares initially retreated Thursday after President Donald Trump’s meeting with Chinese leader Xi Jinping.While Trump said the meeting was “amazing” and had resolved many issues, investors appeared skeptical.U.S.
futures were flat.Tokyo's Nikkei 225 index bounced lower and then inched up less than 0.1% to 51,333.51 after the Bank of Japan kept its benchmark interest rate unchanged.Chinese markets gave up early gains, with Hong Kong's Hang Seng shedding 0.2% to 26,298.64.
The Shanghai Composite index lost 0.3% to 4,006.60.South Korea’s Kospi index broke through the 4,000 mark for the first time, edging up 0.1% to 4,084.91 after climbing more than 1% earlier in the day following reports of progress in Washington’s trade talks with South Korea.
Solid corporate earnings also boosted shares in tech, auto and shipbuilding.In Chinese markets, Hong Kong's Hang Seng index rose 0.8% to 26,555.36 while the Shanghai Composite index added less than 0.1% to 4,017.95.
The Hong Kong Monetary Authority (HKMA) on Thursday cut its base rate by 25 basis points to 4.25%.It always follows the U.S.
lead in interest rate policies since the value of Hong Kong's currency is linked to the U.S.dollar.Australia's S&P/ASX 200 shed more than 0.5% to 8,885.50, pulled lower by losses in real estate and consumer discretionary stocks.Taiwan's Taiex dropped 0.1% while India's BSE Sensex shed 0.5%.Trump told reporters he was cutting average tariffs on Chinese goods to 47% from 57%, effective immediately after his first face-to-face meeting with Chinese leader Xi Jinping in six years.
He cited progress by Beijing in curbing exports of fentanyl and the chemicals used to make it.Trump also said China was keeping its policy of tighter restrictions on exports of rare earths and related technologies on hold for a year, and he expects that agreement to be extended.
’s aggressive use of tariffs since returning to the White House for a second term combined wit...