Asian stocks stumble over doubts over trade deal between the two countries

SINGAPORE – Asian markets were down mainly on Friday, due to the caution that prevailed before the US-China trade talks in Beijing next week.

The Shanghai Composite Index dropped 0.87%, up 0.8%, while Hong Kong's Hang Seng lost 28.913.55%, down 0.5%. The Kospi in South Korea was flat at 2,184.94.

The Japanese Nikkei 225 index, which reopened after a trading day, fell 0.2% to 21,453.10, after announcing a slight slowdown in inflation in February. The basic consumer price index rose 0.7% from the previous year, compared to a gain of 0.8% in January.

A preliminary private investigation, also released Friday, established the Purchasing Managers Index in the manufacturing sector at 48.9 in March, unchanged from the previous month. Numbers below 50 indicate a contraction on a scale of 100 points.

The Australian S & P ASX 200 gained 0.6% to 6,201.60. Shares fell in Taiwan and most of Southeast Asian countries.

The Chinese Ministry of Commerce said Thursday that US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for the next round of high-level trade talks.

Foreign Ministry spokesman Gao Feng said the eighth round of negotiations would take place next Thursday and Friday. He said Vice Premier Liu He will meet officials in Washington early April.

Officials from both countries said they were in favor of reaching an agreement, but they are still seeking common ground on major issues such as China's technology policy.

Any other issues could still be discussed. CNBC, quoting two sources close to the case, said Thursday that President Donald Trump wanted China to "double or triple" its bid for up to $ 1.2 trillion worth of US products out of six years.

On Wall Street, the announcement by the Federal Reserve of its intention to no longer raise interest rates this year has led to a recovery in technology stocks, interrupting a series of two consecutive losses.

The broad S & P 500 index rebounded 1.1% to 2,854.88 and the Dow Jones Industrial Average rose 0.8% to 25,962.51. The state-of-the-art Nasdaq composite jumped 1.4% to 7,838.96. The Russell 2000 Small Business Equity Index rose 1.2% to 1,562.41.

In other transactions, benchmark US crude oil lost 59 cents to 59.88 dollars a barrel in electronic trading on the New York Mercantile Exchange. It fell 25 cents to 59.98 dollars a barrel on Thursday. The contract was closed above $ 60 a barrel on Wednesday for the first time since November.

The Brent yielded 9 cents to 67.69 dollars a barrel on Friday. It sold 64 cents to 67.77 dollars a barrel in London.

The dollar fell to 110.77 yen against 110.81 yen on Thursday night. The euro went from 1.1374 USD to 1.1376 USD.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, disseminated, rewritten or redistributed.