Asia report: Markets mixed as US-China uncertainty drags on
Asian markets were mixed on Tuesday as uncertainty over the US-China trade negotiations continued, amid reports that the two parties could not agree on a date to resume face-to-face discussions.
Han Tan, market analyst at FXTM, said: "Such headlines are reminding investors yet again of the tremendous gulf between the US and China in reconciling their differences over trade, leaving the global economy hanging in the balance."
Japan's Nikkei 225 inched just 0.02% higher to 20,625.16 after subdued trading, with Yahoo Japan rising by 3% but semiconductor testing equipment manufacturer Advantest Corp falling by 4.38%.
Meanwhile, the Japanese yen was up 0.16% against the US dollar to JPY106.07.
In China, the Shanghai Composite rose by 0.21% to 2,930.15, while the Shenzhen Composite climbed 0.66% to 1,625.56 as tech stocks helped the indices claw back from early losses, with the IT and telecommunications sectors closed up 2.6% and 2.9% respectively.
Hong Kong's Hang Seng Index finished the session 0.39% lower at 25,527.85 as pro-democracy demonstrations continued to disrupt life in the city.
Tensions have shown no sign of abating, with students from Hong Kong's schools and universities celebrating the end of their summer break by boycotting classes in favour of holding rallies, even as the Xinhua state news agency warned that "the end is coming for those attempting to disrupt Hong Kong and antagonise China".
The South Korean Kospi dropped by 0.18% to 1,965.69 amid rising concerns over the nation's economic growth amid global trade tension.
Index bellwethers Samsung Electronics and SK Hynix both fell, dropping by 2.20% and 0.77% respectively.
Brent Crude was down 0.55% at $58.34, while West Texas Intermediate also dropped by 0.55% to $54.54.
Down under, the S&P/ASX 200 edged 0.09% lower to 6,573.40 as the Reserve Bank of Australia kept interest rates steady at a record low of 1%.
Meanwhile, data from the Australian Bureau of Statistics showed that the nation's retail sales dropped in July, declining 0.1% instead of rising by 0.2% as a Reuters poll had forecasted, despite stimulus measures such as income tax cuts.
Across the Tasman Sea, New Zealand's S&P/NZX 50 rose by 1.43% to 10,953.91 as Meridian Energy and Contact Energy led the market higher, with their offers of reliable incomes proving appealing to investors amid continued international economic uncertainty.
Finally, the Australian dollar was up 0.17% against the greenback at A$1.49, while New Zealand's dollar was down 0.28% at NZ$1.59.