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Shares in East Asia were mixed as trade concerns persisted

2019-08-28 06:46 am | Resource: News | No Views : 25

 Shares in East Asia were mixed as trade concerns persisted

Asia-Pacific stocks were mixed on Wednesday as the US-China trade dispute affected Chinese markets. China and the United States have submitted contradictory statements on the possibility of a trade deal, with US President Donald Trump demanding that Beijing ask for the resumption of trade talks in two phone calls, while the Chinese Foreign Ministry insisted it was "unaware" of Trump's calls he was referring to.

At the same time, China is said to have stepped up efforts to boost its economy and make it more independent from trade with the United States amid rising trade tensions. Investors also fear a looming recession in the United States as the main part of Treasury yields Inverted curve to its worst level since 2007.

Seoul may scrap Intel treaty if Japan scraps trade restrictions

South Korea may overturn its decision to end the General Security Agreement on Military Information, an intelligence-sharing agreement, with Japan if Tokyo backs down on export restrictions, South Korea's presidential office said on Wednesday. In July, Japan imposed trade restrictions on exports of chemicals used in the production of smartphone screens and chips to South Korea, and today, it officially removed the country from its list of preferred trading partners.

South Korea's Foreign Ministry summoned Japanese Ambassador Yasumasa Nagamin earlier in the day to protest Tokyo's decision. "Japan's measure is not part of a review of export management and operation, it is a clear retaliatory trade measure of forced labor provisions and the great challenge shaking the foundation of the long-standing friendly and cooperative relations between South Korea and Japan," the ministry spokesman urged Japan to "immediately retreat" from this step.

Asian shares trading
  • The Shanghai Composite fell 0.33% at 7:23 CET.
  • The Shenzhen Composite Index fell 0.18% at 7:17 CET.
  • Hong Kong's Hang Sang fell 0.06% at 7:26 CET.
  • In Japan, the Nikkei 225 rose 0.17% at 7:25 CET.
  • South Korea's Kospi jumped 0.70% at 7:12 CET
  • Australia's S & P / ASX 200 rose 0.37% at 7:27 CET.

The dollar rose 0.12% against the yen to sell at 105.8680 at 7:27 CET.

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