Asian markets were mixed in early trading Monday, following a better-than-expected U.S. GDP report on Friday and ahead of a new round of U.S.-China trade talks.
On Friday, data showed the U.S. economy grew 3.2% in the first quarter, higher than analysts’ expectations. That was thanks in part to the stockpiling of goods, although it was not immediately clear how, since data showed both domestic production and imports fell in the first three months of the year.
U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a U.S. delegation to China on Tuesday to resume trade negotiations. Those will be followed by talks in Washington starting May 8. There have been reports that negotiations are in their final stage, and a final deal may be signed in late May or early June, putting an end to the yearlong tariff war between the world’s two largest economies.
Hong Kong’s Hang Seng Index HSI, +0.85% was up 0.8%, while the Shanghai SHCOMP, +0.02% gave up slight early gains to fall about 0.3%. China’s smaller-cap Shenzhen Composite 399106, -0.95% sank 1.5%. South Korea’s Kospi SEU, +0.78% gained 0.7%, while benchmark indexes in Taiwan Y9999, -0.20% , Singapore STI, +0.83% and Indonesia JAKIDX, +0.44% were mixed. Australia’s S&P/ASX 200 XJO, -0.44% declined about 0.4%. Japan’s Nikkei was closed amid a 10-day national holiday to celebrate the ascension of Crown Prince Naruhito, who will become emperor May 1.
Among individual stocks, casino operator Sands China 1928, +3.62% and property developer Country Garden 2007, +2.25% advanced in Hong Kong, while Apple AAPL, -0.48% supplier AAC Technologies 2018, -2.33% fell. Samsung 005930, +1.90% gained in South Korea, as did Hyundai Motor 005380, +1.85% . Beach Energy BPT, -0.68% and Oil Search OSH, -0.99% fell in Australia.
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