Modupe Gbadeyanka
By Investors Hub
Asian stocks ended mixed on Monday as Fed officials remained split on the need for further easing and U.S. President Donald Trump said he doesn?t need a trade deal with China before the 2020 election, fueling pessimism about the prospect of an agreement between the world’s two largest economies. The Japanese market was closed for the Autumnal Equinox holiday.
Chinese stocks fell sharply as trade talks with the U.S. showed signs of faltering. The benchmark Shanghai Composite index ended down 29.37 points, or 1 percent, at 2,977.08 after a Chinese trade delegation abruptly canceled a scheduled visit to U.S. farms and Trump said the U.S. was looking for a “complete deal” with China and not a partial one.
Hong Kong’s Hang Seng Index shed 213.27 points, or 0.8 percent, to finish at 26,222.40 after yet another weekend of violent protests in the city.
Meanwhile, Australian stocks gained ground as last week’s weak jobs data triggered speculation the Reserve Bank of Australia may cut rates at its next policy meeting on Oct 1. The benchmark S&P/ASX 200 Index rose 18.90 points, or 0.3 percent to 6,749.70, extending gains for a third straight session.
Wealth manager IOOF Holdings soared 12 percent to extend Friday’s gains after a banking watchdog lost a landmark case alleging the company had breached pension laws.
Miners turned in a mixed performance, while energy stocks such as Oil Search and Woodside Petroleum rose over 1 percent. Specialty retailer Premier Investments jumped 5.8 percent after reporting a surge in annual profits.
Seoul stocks inched higher to extend gains for the 12th straight day as investors watched Middle East tensions and awaited a meeting between Trump South Korean President Moon Jae-in this week at the United Nations General Assembly. The benchmark Kospi closed slightly higher at 2,091.70.
