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Asian shares rise despite worries on US-China talks

Posted on Tuesday, October 8th, 2019 By Yuri Kageyama, AP Business Writer

Mario Picone, Anthony Rinaldi
Specialists Mario Picone, left, and Anthony Rinaldi work on the floor of the New York Stock Exchange, Monday, Oct. 7, 2019. Stocks are opening broadly lower on Wall Street, extending the market's losing streak into a fourth week. (AP Photo/Richard Drew)

TOKYO (AP) — Asian shares rose Tuesday despite continuing worries about the health of the global economy ahead of trade talks between the U.S. and China.

Japan's benchmark Nikkei 225 gained 1.0% to 21,587.78 and Australia's S&P/ASX 200 added 0.5% to 6,593.40. South Korea's Kospi gained 1.2% to 2,045.90. Hong Kong's Hang Seng climbed 0.7% to 25,992.12.

Chinese markets resumed trading after a week-long holiday, with the Shanghai Composite climbing 0.5% at 2,918.74. Shares also rose in Taiwan and Southeast Asia.

"Having sold off through late September, this positioning ahead of the trade talks suggests that the market is not entirely pessimistic towards the outcome," said Jingyi Pan, market strategist for IG in Singapore.

On Wall Street, the market extended its losing streak into a fourth week on Monday.

The market is coming off a three-week skid following a mostly discouraging batch of economic data that stoked investors' worries that a slowdown in U.S. economic growth could worsen.

The combination of uncertainty over the costly trade war between the U.S. and China and the impeachment inquiry unfolding in Washington is likely to continue to drag on the economy and weigh on markets.

China announced Tuesday that its lead trade negotiator, Vice Premier Liu He, would travel to Washington on Thursday to resume talks on the trade dispute.

Chances for significant progress in resolving the dispute that is stunting global economic growth and spooking markets remain unclear, analysts say.

Overnight, the S&P 500 fell 0.4% to 2,938.79. The Dow Jones Industrial Average slid 0.4% to 26,478.02. The Nasdaq dropped 0.3% to 7,956.29.

ENERGY: Benchmark crude oil added 46 cents to $53.21 a barrel in electronic trading on the New York Mercantile Exchange. It fell 6 cents to $52.75 a barrel on Monday. Brent crude oil, the international standard, rose 49 cents to $58.84 a barrel.

CURRENCIES: The dollar rose to 107.40 Japanese yen from 106.84 yen on Monday. The euro rose to $1.0983 from $1.0971.

___

AP Business Writers Alex Veiga and Damian J. Troise contributed to this report.

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