A container ship sails in front of a building in Busan, South Korea, Thursday, September 22, 2022. Photographer: SeongJoon Cho/Bloomberg via Getty Images
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Chinese and Hong Kong markets fell on Thursday as investors appreciated the first face-to-face meeting between US President Donald Trump and Chinese President Xi Jinping since taking office for a second term.
Mainland China’s CSI 300 index fell 0.8% to end at 4,709.9, while Hong Kong’s CSI 300 index fell 0.8% to end at 4,709.9. hansen index After the meeting, the stock fell 0.24% to 26,282.69, reversing earlier gains.
President Trump said he had reached a one-year agreement with China on rare earths and other critical minerals, and said after talks in South Korea that the United States would lower fentanyl-related tariffs on China to 10%.
Other Asia-Pacific markets were mixed on Thursday after Federal Reserve Chairman Jerome Powell suggested a December interest rate cut was far from a “foreseen conclusion.”
The Fed on Wednesday cut its benchmark federal funds rate by 25 basis points to 3.75 to 4%, as expected.
The South Korean market will also be in the spotlight after Kim Yong-beom, South Korea’s chief policy advisor, reportedly announced details of a trade agreement with the US government.
According to local media reports, South Korea will invest $200 billion in the United States, capped at $20 billion annually, while the remaining $150 billion of the $350 billion total pledge announced earlier this year will go toward shipbuilding cooperation.
of Kospi Auto stocks and shipbuilding stocks rose 0.14% to close at a new record 4,086.89, while the small-cap Kosdaq fell 1.19% to 890.86.
Japanese Nikkei Stock Average ended just above the flatline at 51,325.61, while TOPIX rose 0.69% to end at 3,300.79.
This comes after the Bank of Japan left its base interest rate unchanged at 0.5% at its first meeting after Sanae Takaichi became prime minister earlier this month.
Australia’s S&P/ASX 200 fell 0.46% to end at 8,885.5, marking its third consecutive day of declines.
The overnight U.S. Dow Jones Industrial Average hit a record high in early trading on Wednesday following Powell’s remarks, before closing lower.
The Dow Jones Industrial Average closed 0.2% lower at 47,632.00, and the S&P 500 index edged lower at 6,890.59.
However, the Nasdaq Composite Index rose 0.55% to a new record close of 23,958.47, supported by gains in Nvidia.
—CNBC’s Sean Conlon and Sarah Ming contributed to this report.
