Asian markets were mixed early in the month of trading before a phase 1 US-China trade agreement was signed later this week.
The world's two largest economic powers are expected to sign the Phase 1 treaty in Washington on Wednesday. China is reportedly looking to buy more U.S. agricultural products and implement economic reforms, and the Wall Street Journal reported Saturday that the U.S. and China have also agreed to hold semi-annual talks to discuss and resolve issues.
"The market is unlikely to be exceptionally excited since the agreement has been telegraphed extensively, although President Trump is likely to usher in the deal with a lot of fanfare," wrote Stephen Innes, chief strategist for Asia at AxiTrader, in a note Sunday. "Assuming that the deal includes a commitment from China to increase agricultural products and a reliable enforcement mechanism, the market will progress happily."
Hong Kong's Hang Seng Index
HSI, + 0.88%
rose 0.8% during the Shanghai Composite
SHCOMP, + 0.75%
was about flat and the Shenzhen Composite
399,106, + 1.36%
advanced 0.7%. South Korea's Kospi
180,721, + 1.04%
gained 0.6% while the reference indices rose in Taiwan
Y9999, + 0.74%
JAKIDX, + 0.05%
were mixed. Australia's S & P / ASX 200
fell 0.5%. The Japanese Nikkei was closed due to a public holiday.
Apple component manufacturer Sunny Optical is located under the individual titles
2382, + 2.39%
2018 + 1.50%
rose in Hong Kong trade along with Sun Hung Kai Properties
16 + 1.68%
and Bank of China
3988, + 1.22%
, Hyundai engine
005,380, + 1.32%
advanced in South Korea while BHP
and oil exploration
fell in Australia.
Share prices ended lower on Friday after the Dow briefly passed the 29,000 milestone and investor euphoria about recent highs was dampened by data suggesting slower than expected US employment and wage growth in December. The S&P 500 index
fell 0.3% to 3,265.35 from Thursday's record. The Dow Jones Industrial Average
The level of 29,000 was briefly exceeded for the first time, but decreased by 0.5%. The Nasdaq composite
fell 0.3% to 9,178.86.
US crude oil benchmark
CLG20, + 0.05%
won 1 cent at $ 59.05 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 52 cents on Friday and closed at $ 59.04. Brent crude oil
, which was used at the price of international oils, fell 6 cents in London to $ 64.92 a barrel. It dropped 39 cents to $ 64.98 in the previous session.
USDJPY, + 0.17%
rose from 109.46 yen on Friday to 109.62 yen.
The Associated Press contributed to this report.