Asian markets retreat; Hang Seng sinks amid Hong Kong protests
Asian markets were mostly lower in early trading Wednesday, after the Dow Jones Industrial Average DJIA, -0.05% snapped a six-session winning streak.
The major indexes on Wall Street gave up early gains and ended the day slightly lower. On the trade front, President Donald Trump took credit for holding up U.S.-China trade talks, saying he has “no interest” in a deal unless China agrees to terms it had previously agreed upon. “We’re going to either do a great deal with China or we’re not going to do a deal,” Trump told reporters Tuesday.
Japan’s Nikkei NIK, -0.07% was mostly unchanged. Hong Kong’s Hang Seng Index HSI, -1.59% slid 1.5% as protesters again swarmed the streets in opposition to a possible new extradition law with mainland China. The Shanghai Composite SHCOMP, -0.57% retreated 0.6% and the smaller-cap Shenzhen Composite 399106, -0.42% fell 0.3% as May data showed China’s consumer inflation hit a 15-month high, in line with forecasts. South Korea’s Kospi 180721, -0.33% slipped 0.2%, while benchmarks in Taiwan Y9999, -0.09% and Indonesia JAKIDX, -0.50% backtracked. Stocks were up slightly in Singapore STI, +0.18% , and Australia’s S&P/ASX 200 XJO, +0.14% rose 0.2%.
Among individual stocks, SoftBank Group 9984, -2.28% and Yahoo Japan 4689, -3.50% fell in Tokyo trading, while Toyota 7203, +0.93% rose. In Hong Kong, Sunny Optical 2382, -6.45% slid, along with Sands China 1928, -2.96% and New World Development 17, -3.93% . LG Electronics 066570, -1.09% and SK Hynix 000660, -1.64% dropped in South Korea, while Foxconn 2354, -0.48% declined in Taiwan after the Apple AAPL, +1.16% supplier said it could move production operations out of China if trade tensions heat up. BHP BHP, +2.73% and Rio Tinto RIO, +2.06% surged in Australia.
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