ASIA MARKETS: Asian Markets Retreat; Hang Seng Sinks Amid Hong Kong Protests

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06/12/2019 | 01:25 pm

By Marketwatch and Associated Press

Nikkei about flat as investors look for direction

Hong Kong shares fell in mostly weaker Asian markets Wednesday, as protests heated up in the autonomous territory, and after the Dow Jones Industrial Average snapped a six-session winning streak

The major indexes on Wall Street gave up early gains and ended the day slightly lower. On the trade front, President Donald Trump took credit for holding up U.S.-China trade talks, saying he has "no interest" in a deal unless China agrees to terms it had previously agreed upon. "We're going to either do a great deal with China or we're not going to do a deal," Trump told reporters Tuesday.

Japan's Nikkei closed down 0.4%.

Hong Kong's Hang Seng Index slid 1.7% as protesters again swarmed the streets in opposition to a possible new extradition law with mainland China. Police later fired tear gas at protesters as demonstrations erupted, as lawmakers delayed indefinitely discussions on that bill.

The Shanghai Composite retreated 0.6% and the smaller-cap Shenzhen Composite fell 0.6% as May data showed China's consumer inflation hit a 15-month high , in line with forecasts.

South Korea's Kospi slipped 0.1%, while benchmarks in Taiwan and Indonesia backtracked. Stocks were up slightly in Singapore , and Australia's S&P/ASX 200 finished flat.

Among individual stocks, SoftBank Group and Yahoo Japan fell in Tokyo trading, while Toyota rose. In Hong Kong, Sunny Optical slid, along with Sands China and New World Development . LG Electronics and SK Hynix dropped in South Korea, while Foxconn declined in Taiwan after the Apple supplier said it could move production operations out of China if trade tensions heat up. BHP and Rio Tinto surged in Australia.

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