Asian shares up on hopes that US, China will solve dispute

Traders Gregory Rowe, left, and Peter Tuchman work on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Trader Michael Milano works on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Trader Ryan Falvey works on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Trader James Riley works on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Specialist Stephen Naughton, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Specialist Gregg Maloney, left, and trader Jonathan Corpina work on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Specialist Glenn Carell, left, and trader Michael Urkonis work on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Trader Robert Charmak, center, works on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Trader John Santiago, right, works on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)
Trader Michael Capolino works on the floor of the New York Stock Exchange, Monday, Oct. 15, 2018. Stocks are opening mostly lower as technology companies continue to fall. (AP Photo/Richard Drew)

SINGAPORE — Asian markets were mostly higher on Tuesday, though Chinese benchmarks fell after the government reported inflation rose for the fourth straight month.

KEEPING SCORE: Japan's benchmark Nikkei 225 added 0.3 percent to 22,317.06. The Kospi in South Korea recovered 0.1 percent to 2,145.71. Hong Kong's Hang Seng index, which has fallen 22 percent since early January, slipped another 0.2 percent to 25,396.19. The Shanghai Composite dropped 0.2 percent to 2,564.24. Australia's S&P/ASX 200 gained 0.4 percent to 5,859.20. Shares rose in Taiwan, and Indonesia but fell in Singapore and Thailand.

WALL STREET: Technology companies skidded and misses in corporate earnings pulled most U.S. indexes lower for the seventh time in eight days. The S&P 500 index dropped 0.6 percent to 2,750.79. The Dow Jones Industrial Average lost 0.4 percent to 25,250.55, and the Nasdaq composite skidded 0.9 percent to 7,430.74. But the Russell 2000 index of smaller-company stocks was 0.4 percent higher at 1,553.09.

CHINESE INFLATION: The National Bureau of Statistics said China's consumer price index gained 2.5 percent in September from a year earlier, supported largely by fresh food prices and in line with market expectations. This follows a 2.3 percent increase in August. The country's producer price index gained 3.6 percent from a year earlier, slowing from the previous month. Rising inflation is a double-edged sword. The central bank has tended to shrug off rising prices, but the trend could limit its room for loosening monetary policy in coming months.

ANALYST'S TAKE: "There's a calming of the markets. This is not an all-clear but a consolidation at lower levels," Michael McCarthy, chief market strategist at CMC Markets in Sydney, said in an interview. "News that President Trump and Xi may meet at the G-20 summit has added to optimism that the trade dispute between the U.S. and China could be resolved," he added.

ENERGY: Oil futures continued to rise on tensions in Saudi Arabia, a major oil producer, surrounding the disappearance and suspected murder of a journalist. Rising prices will squeeze bit Asian importers. U.S. crude added 7 cents to $71.85. The contract rose 0.6 percent to close at $71.78 in New York. Brent crude, the international standard, rose 25 cents to $81.03. It gained 0.4 percent to $80.78 in London.

CURRENCIES: The dollar strengthened to 111.99 yen from 111.78 yen late Monday. The euro fell to $1.1576 from $1.1580.

Suspected suicide bombs in Jakarta kills 3...

May 24, 2017

Two suspected suicide bombings near a bus terminal in Indonesia's capital Wednesday night killed...

Freeport to cut stake in Indonesia mine after...

Aug 29, 2017

Indonesia is allowing Freeport-McMoRan to continue operating a giant gold and copper mine after the...

The Latest: Indonesia says 100,000 should leave...

Nov 27, 2017

Indonesia's Disaster Mitigation Agency says as many as 100,000 villagers need to leave the expanded...

The Latest: Tourists look for flight info or...

Nov 28, 2017

Thousands of tourists remain stuck on Indonesia's island of Bali after its airport was closed for a...

Greenpeace calls for investigation into Sinarmas...

Dec 20, 2017

Greenpeace has called for an investigation into the relationship between paper giant Sinarmas and...

Penggerak pasaran mengikut TradingView

About Us

Duniaga is Malaysia’s top local source for business news and information where people head to stay connected with the business news. We give daily in-depth analysis on the business happenings in the country.

Contact us: sales[at]duniaga.com

Subscribe Now!