Asian shares fall amid worries over US-China trade, Koreas

Asian shares fall amid worries over US-China trade, Koreas Photo: AP

May 22, 2018 10:51 PM

TOKYO (AP) — Asian indexes were mostly lower on Wednesday as investors shifted their attention to uncertainties over a planned U.S.-North Korea summit after the perk from eased U.S.-China trade tensions faded.

KEEPING SCORE: Japan's benchmark Nikkei 225 dipped 1.3 percent to 22,661.88, while Australia's S&P/ASX 200 inched down nearly 0.2 percent at 6,031.40 in early trading. South Korea's Kospi added 0.1 percent to 2,467.25. Hong Kong's Hang Seng lost 1.0 percent to 30,912.13, while the Shanghai Composite index shed 0.9 percent to 3,185.92.

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NORTH KOREA: President Donald Trump suggested that his highly anticipated June 12 summit meeting with North Korean leader Kim Jong Un could be delayed. The summit, planned for Singapore, offers a historic chance for peace on the peninsula but also the risk of a diplomatic failure.

U.S.-CHINA TRADE: Trump said the United States and China are working toward an agreement that would ease U.S. sanctions that were imposed on ZTE Corp. and let the Chinese telecommunications giant stay in business. The deal might require ZTE to revamp its board and to pay a fine of $1 billion or more, Trump said. The talks follow an agreement by both sides to hold off on punitive tariffs they had threatened to impose on up to $200 billion of each other's goods.

WALL STREET: The S&P 500 index slid 0.3 percent to 2,724.44. The Dow Jones industrial average lost 0.7 percent to 24,834.41. The Nasdaq composite fell 0.2 percent to 7,378.46. The Russell 2000 index of smaller company stocks gave up 0.7 percent to 1,625.24 after it closed at record highs the four previous trading sessions.

THE QUOTE: "Equity markets can be seen continuing to sing to the tune of geopolitics with freshly brewed U.S.-China and U.S.-North Korean concerns," says Jingyi Pan, market strategist at IG in Singapore.

ENERGY: Benchmark U.S. crude lost 27 cents to $71.93 per barrel. Brent crude, used to price international oils, rose dropped 52 cents to $79.05.

CURRENCIES: The dollar slipped to 110.50 yen from Tuesday's 110.96 yen. The euro rose to $1.1761 from $1.1826.

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AP Markets Writer Marley Jay, who contributed to this report, can be reached at http://twitter.com/MarleyJayAP

His work can be found at https://apnews.com/search/marley%20jay

Follow Yuri Kageyama on Twitter at https://twitter.com/yurikageyama

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

Credits

By YURI KAGEYAMA

(Copyright 2018 by The Associated Press. All Rights Reserved.)

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