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Asian Markets Higher despite Trade War Worries

asian, chinaThe Asian markets were a tad higher but rather subdued Wednesday. Asian traders are still a tad high as trade war tensions between the United States and China linger.

In Japan, the benchmark Nikkei 225 was up 0.29 percent. Shares of index blue chip companies Fast Retailing and Softbank Group were both trading higher. The broader Topix index, in Tokyo, was up a fraction.

In South Korea, the Kospi composite index reversed early losses to gain a fraction. Shares of blue chip Samsung Electronics gained over one percent. Elsewhere in the Asian and Pacific Rim, the benchmark Australian S&P ASX 200 was trading flat.

In China, on the mainland, the indices were broadly flat. The Shanghai composite and the smaller Shenzhen composite were trading around the flat line. So was the Shenzhen component.

In Chinese corporate news, shares of Hikvision shed four percent. There are headlines that the U.S. administration is might hinder the company’s ability to purchase American technology.

In Hong Kong, the Hang Seng index was up a fraction.

Asian Traders still worry over Trade Tensions between the US and China

Overnight, the U.S. Department of Commerce granted Huawei a license to buy U.S. goods until August 19. This is to give telecom operators that rely on Huawei time to make alternative arrangements.

In other trade related headlines, the Chinese Ambassador to the United States Mr. Cui Tiankai said that China is now ready to resume trade talks with the United States. He blamed the U.S. for “changing its mind” on tentative trade deals.

About David Frank

David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.

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