Trade talks afterglow fades, Chinese and Asian shares retreat

Business | 3 Jul 2019 3:25 pm

Shares fell back in Asia today as the euphoria from President Donald Trump's truce with Xi Jinping on trade faded. 
The retreat followed yet another all-time high for the S&P 500 index. Trading in U.S. markets is subdued ahead of an early closure on Wednesday for the Independence Day holiday. 

IN mainland China, the Shanghai Stock Exchange Composite Index lost 0.94 percent, or 28.68 points at 3,015.26 at the close. The Shenzhen Stock Exchange Composite Index fell by 1.18 perent, or 19.11 points at 1,600.02.

In Tokyo, stocks lost ground. The 225-issue Nikkei Stock Average dropped by 145.54 points, or 0.67 percent, at 21,608.73. The broader Topix index of all First Section issues on the Tokyo Stock Exchange,  fell by 14.44 points, or 0.91 percent, at 1,575.40.

South Korean stocks traded lower late morning, paring earlier gains. The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.53 points, or 0.73 percent, to 2,106.49 as of 11:20 a.m local time.

The index opened slightly higher, gaining 0.21 percent to 2,126.44 in the first 15 minutes of trading, but began to dive after the government revised down its growth outlook to a range of 2.4 percent to 2.5 percent, compared with the 2.7 percent forecast six months earlier.

Australian shares traded at a new 11.5-year high at 2:00pm local time. The S&P/ASX 200 Index added 37.8 points, or 0.6 percent, to 6,691, its highest level since November 2007. 

Shares fell in Taiwan and most Southeast Asian markets. 

Trading was subdued ahead of the Independence Day holiday Thursday in the U.S., where markets will close early on Wednesday. 

On Wall Street, stocks shook off an early wobble to eke out small gains Tuesday, nudging the S&P 500 index to an all-time high for the second straight day. 

The S&P 500 was up by  0.3 percent at 2,973.01, the benchmark index's seventh record high this year. The Dow Jones Industrial Average edged up by  0.3 percent at 26,786.68. The Nasdaq composite added 0.2 percent at 8,109.09.

Small-company stocks fell, sending the Russell 2000 index down by 0.6 percent at 1,560.54.-AP/The Standard  

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