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Asian Stocks Rise After Biden and Xi Hold Video Summit | Economic news


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By JOE McDONALD, AP Business Writer

BEIJING (AP) – Asian stock markets rose on Tuesday after President Joe Biden and China’s Xi Jinping held a summit meeting via video link.

Shanghai, Tokyo and Hong Kong, which constitute the bulk of the region’s market value, rose. Seoul and Sydney declined.

Wall Street’s benchmark S&P 500 fell less than 0.1% as houseware makers rose and healthcare stocks fell.

Biden told Xi their goal should be to make sure the competition “does not come into conflict.” The two leaders met amid tensions over trade, technology, human rights, Hong Kong and Taiwan. Xi said he was ready to “build consensus” and said the two sides should improve communication.

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The meeting “will dominate the coming session,” although White House officials have “tempered expectations of any meaningful progress,” ActivTrades’ Anderson Alves said in a report.

The Shanghai Composite Index rose 0.3% to 3,543.46 and the Tokyo Nikkei 225 added less than 0.1% to 29,783.18. The Hang Seng in Hong Kong was up 1% to 25,658.04.

The Kospi in Seoul lost 0.2% to 2,994.40 while the S & P-ASX 200 in Sydney lost 0.8% to 7,413.20.

India’s Sensex index opened 0.3% lower at 60,522.38. New Zealand and Singapore fell while Jakarta and Bangkok advanced.

On Wall Street, the S&P 500 fell to 4,682.80. The Dow Jones Industrial Average fell less than 0.1% to 36,087.45. The Nasdaq lost less than 0.1% to 15,853.85.

Investors no longer focus on the latest corporate earnings towards the economic issues that will determine growth through 2022. This includes supply chain issues and rising inflation.

Investors will be watching for any signs that inflation is hampering business operations or consumer spending. Companies have raised prices to pass on higher material costs. Consumers have taken it in stride, but analysts fear they will start cutting spending.

Investors are also waiting to see if Biden decides to appoint Federal Reserve Chairman Jerome Powell for a new term as head of the US central bank.

Also on Tuesday, the Commerce Department was due to report on retail sales in the United States.

Chinese data released on Monday showed retail sales growth in October weakened from the previous month, weakened by anti-coronavirus restrictions and consumer unease over a wave of epidemics.

In energy markets, benchmark US crude rose 54 cents to $ 81.42 per barrel in electronic trading on the New York Mercantile Exchange. The contract advanced 9 cents on Monday to $ 80.88. Brent crude, used as the price base for international oils, added 66 cents to $ 82.71 a barrel in London. It fell 12 cents the previous session to $ 82.05 a barrel.

The dollar rose to 114.15 yen from 114.09 yen on Monday. The euro fell to $ 1.1381 from $ 1.1386.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Margarita W. Wilson

The author Margarita W. Wilson