Asian shares higher as markets shrug off latest Trump threat

A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, April 6, 2018. Most Asian stock markets slipped Friday after the Trump administration threatened yet more tariffs on Chinese imports, adding to investor fears of a brewing trade battle between the world's two biggest economies. (AP Photo/Eugene Hoshiko)

Most Asian stock markets turn higher as investors brush off initial worries about Trump's latest threats of yet more tariffs on Chinese imports

HONG KONG — Most Asian stock markets turned higher Friday as investors brushed off initial worries about the Trump administration's latest threats of yet more tariffs on Chinese imports, indicating concerns were easing about a brewing trade battle between the world's two biggest economies.

KEEPING SCORE: Japan's benchmark Nikkei 225 index edged 0.1 percent higher to 21,672.94 while South Korea's Kospi slipped 0.4 percent to 2,427.21. Australia's S&P/ASX 200 crept 0.1 percent higher to 5,783.40 and Hong Kong's Hang Seng jumped 1.1 percent to 29,852.93 after trading resumed following a holiday as investors caught up with the previous day's global gains. Singapore's share index rose while Indonesia's fell. Mainland Chinese markets remained closed for a holiday.

TRADE TIFF: In an announcement that came after U.S. stock trading closed Thursday, President Donald Trump instructed the U.S. trade representative to consider slapping an extra $100 billion in tariffs on Chinese goods. The surprise move was a further escalation of the deepening trade dispute between the world's two biggest economies, which just days earlier announced plans for $50 billion in import duties on each other's goods. The tariff threats had roiled financial markets but they had rebounded by Thursday on investor hopes the U.S. and China indicated would find a diplomatic solution.

MARKET INSIGHT: The latest Trump tariff announcement means the "trade war rhetoric is unlikely to leave the picture anytime soon," said Stephen Innes, head of Asian trading at OANDA. "With the seismic shifts in sentiment this week the last thing this market needs is more confusion."

WALL STREET: Major U.S. benchmarks ended higher. The S&P 500 index climbed 0.7 percent to 2,662.84. The Dow Jones industrial average rose 1 percent to 24,505.22. The Nasdaq composite added 0.5 percent to 7,076.55.

ENERGY: Benchmark U.S. crude fell 34 cents to $63.20 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 17 cents to settle at $63.54 a barrel on Thursday. Brent crude, used to price international oils, lost 31 cents to $68.02 per barrel in London.

CURRENCIES: The dollar slipped to 107.25 yen from 107.40 yen The euro rose to $1.2245 from $1.2241.

You may also like these

China plans 30,000-km high speed rail network by...

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

China says some factories have violated anti-smog...

Jan 3, 2017

China's environmental ministry says an unspecified number of companies have violated measures meant...

Chinese delegation open to meeting Trump's team...

Jan 11, 2017

A Chinese official says President Xi Jinping's delegation to the World Economic Forum is open to...

China state media call Trump's Taiwan strategy...

Jan 16, 2017

China's state-run media says President-elect Donald Trump "speaks like a rookie" and called his...

A look at how Trump might shake things up in Asia

Jan 16, 2017

Donald Trump has offered views on U.S. relations with Asia that could indicate radical shifts in...

Sign up now!

The Financial Capital is your independent source for finance information and advice. We provide insights and offer advice from financial experts so you can make the best decisions.

Contact us: sales[at]thefinancialcapital.com