Asian markets mixed as Wall Street rally pauses; US futures, oil dip; Hong Kong's Hang Seng drops 0.5%
Asian shares traded mixed on Thursday morning as Wall Street's recent rally lost steam and investors showed little reaction to the latest US-China trade talks.
US futures and oil prices declined.
The Japanese Nikkei 225 declined 0.5% to 38,213.20, whilst Hong Kong's Hang Seng decreased 0.5% to 24,234.80. While China's Shanghai Composite edged down 0.1% to 3,404.66.
South Korea's Kospi advanced 0.8% to 2,929.94, and Australia's S&P/ASX 200 rose slightly by 0.1% to 8,604.50. Taiwan's Taiex dropped 0.8%.
Earlier on Wednesday, US markets retreated with the S&P 500 falling 0.3% to 6,022.24, ending its three-day winning streak.
The Dow Jones Industrial Average remained virtually unchanged at 42,865.77, whilst the Nasdaq composite declined 0.5% to 3,400.30.
The S&P 500 decreased by 16.57 points to 6,022.24, the Dow Jones Industrial Average reduced by 1.10 to 42,865.77, and the Nasdaq composite declined by 99.11 to 19,615.88. Big Tech stocks led the decline, with Apple dropping 1.9%.
Trump on Tuesday (local time) announced China's agreement to supply rare-earth minerals and magnets to the United States, alongside provisions for Chinese students to attend US universities, pending final approval from both leaders.
"President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!" Trump declared.
Investors remain optimistic about a comprehensive trade agreement between the world's largest economies. Without such agreements, concerns persist about potential economic recession and inflation due to high tariffs. The S&P 500 currently stands 2% below its record.
Tesla finished 0.1% higher despite volatility, recovering from previous losses following Elon Musk's deteriorating relationship with Trump.
The 10-year Treasury yield decreased to 4.41% from 4.47%. Short-term yields showed larger declines, reflecting Federal Reserve rate expectations.
In early Thursday trading, US benchmark crude oil decreased 33 cents to $67.82 per barrel, while Brent crude reduced by 37 cents to $69.40 per barrel.
Currency markets saw the US dollar decrease to 143.89 Japanese yen from 144.60 yen, while the euro strengthened to $1.1520 from $1.1487.
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