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Asian stocks ahead of Trump-Xi meet in Osaka G-20



BANGKOK – Stocks ventured in Asia on Monday as investors looked at movement in China-US. trade conflict ahead of a meeting between presidents Donald Trump and Xi Jinping scheduled later in the week in Osaka, Japan, at the 20th Summit.

Japan's Nikkei 225 index rose 0.2% to 21.302.38, while Hang Seng in Hong Kong also added 0.2% to 28,538.39.

Kospi in South Korea was 0.1% higher 2,128.69. Australia's S&P ASX 200 lost 0.1% to 6.643.30 and the Shanghai Composite Index dropped 0.1% to 2.999.30. Shares fell in Southeast Asia and Taiwan.

   Asian stocks ahead of Trump-Xi meet in Osaka G-20

A man walks past an electronic board showing Japan's Nikkei 225 index at a securities firm in Tokyo on Monday, June 24, 2019. Equities are waiting in Asia on Monday when investors looked at movement in China and the United States trade conflict prior to a meeting between Presidents Donald Trump and Xi Jinping scheduled for later in the week in Osaka, Japan, at the 20th Summit. (AP Photo / Eugene Hoshiko)

The biggest uncertainty that is threatening the market remains the American trade war with China. Stocks have been running most of the time since Trump said he was planning to meet with Xi, although Wall Street ended his milestone setup week on a downbeat note on Friday as a delay in selling nudged stocks lower and snapping a four- days winning stripe.

On Friday, the United States announced that it was blacklisting five Chinese organizations involved in supercomputing with military-related applications and quoted national security as a justification for refusing its Asian geopolitical rival access to critical US technology.

The move from the US Commerce Department could complicate conversations with Xi with the purpose of de-escalating the wage war between the world's two largest economies.

The five blacklisted organizations located on the so-called Entity List include supercomputer maker Sugon, which is heavily dependent on US suppliers, including chip makers Intel, Nvidia, and advanced micro-entities.

The other four are Wuxi Jiangnan Institute of Computing Technology and three Sugon affiliates Iates. The Ministry of Commerce called their activities "in breach of US national security and foreign policy interests."

"The Trump Administration's further blacklisting of five Chinese tech companies ahead of the G20 meeting may not be the best piece of news for US-China emotional markets," said Jingyi Pan of IG in a comment.

"Having said that, things haven't taken a significant step to worse in the market," she said. 19659002] Wall Street completed a milestone setup week on a downbeat note Friday after a delayed sale of nudged shares lower, ending the market's four-day winning streak.

Even with the modest losses, the market delivered its third straight weekly win, with the benchmark S & P 500 index floating just below its record high close to a day earlier.

The S & P 500 index fell 0.1% to 2,950.46. The Dow Jones Industrial Average dropped 0.1% to 26,719.13. The Nasdaq composition decreased 0.2% to 8.031.71.

Smaller corporate stocks went worse than the rest of the market. The Russell 2000 index fell by 0.9% to 1,549.63.

The large US stock indices have risen by more than 7% so far this month and hold onto a gain of over 14% for the year.

Investors have been reassured by statements by the Federal Reserve this month suggesting that the central bank is prepared to cut interest rates in response to a slower global economy.

At the same time, traders are still worried that corporate profits may suffer if that kind of economic downturn would prompt the Fed to cut rates.

A mixed party of economic data on Friday did not have much impact on trade, which remained mostly subdued as investors took a break after a four-day rally. [19659002] Benchmark crude oil picked up 38 cents to $ 57.81 per. Barrel in electronic commerce on the New York Mercantile Exchange. It rose 0.6% to settle at $ 57.43 per. Barrel on Friday, ending with a 9.2% win for the week, the largest weekly win of more than two years.

Just a few weeks ago, the price of US crude oil was in a correction, which Wall Street calls a drop of at least 20% from a recent summit.

Burnt crude oil, the international standard, climbed 24 cents to $ 64.69 per tonne. barrel.

The dollar hovered at 107.40 Japanese yen, up from 107.30 yen on Friday. The euro rose to $ 1,1381 from $ 1,1371. / Gsg

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