Asia Markets: Asian markets cool off as investors await Trump-Xi meeting

Asia-Pacific stock markets cooled in early trading Tuesday as the previous day’s global gains appear to have stalled ahead of a meeting between President Donald Trump and China’s President Xi Jinping.

Japan’s Nikkei

NIK, +0.64%

  was last up about 0.1%, sliding back from early session highs. Panasonic

6752, +2.74%

  was up 2.2% and Renesas Electronics

6723, +2.22%

  climbed 2% amid hopes for a strong U.S. holiday-shopping season. But so-called domestic-demand stocks that had recently attracted buying amid global-growth concerns were down. Pharmaceuticals and utilities were the two worst-performing sectors, respectively dropping 0.8% and 0.5%. That as the dollar

USDJPY, +0.02%

  was around ¥113.46, versus ¥113.21 as of Monday’s Tokyo stock market close.

Hong Kong‘s Hang Seng Index

HSI, -0.17%

  rose from early session lows and was last up 0.1%, with property stocks weak after yesterday’s gains. Energy was also lagging with oil prices sliding this morning, though tech names were up modestly; Cnooc

0883, -2.03%

  was off 1.5% while Tencent

0700, +1.95%

  rose nearly 1%. Meanwhile, Tingyi shares

0322, -17.74%

  are threatening to have their worst-ever day as the China-based instant noodle/beverage maker reported what Jefferies calls an unexpected revenue drop last quarter.

Chinese stocks were higher, led by small caps. The Shanghai Composite

SHCOMP, -0.04%

  climbed 0.4%, versus a 0.6% gain for the Shenzhen Composite

399106, +0.43%

 . Tech companies were doing well after recent weakness, and oil names were up after yesterday’s slump.

Australia’s benchmark

XJO, +1.00%

  rose as energy companies gained. New Zealand stocks

NZ50GR, +0.13%

  were up slightly as well.

South Korea’s Kospi

SEU, +0.79%

  rose as Hyundai Motor

005380, +6.20%

  jumped nearly about 5%. Taiwan’s Taiex

Y9999, +0.14%

  slipped as Foxconn

2354, -0.65%

 fell nearly 1%. Singapore’s benchmark index

STI, -0.04%

  was about flat.

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