ASIA MARKETS: Asian Markets Make Cautious Gains Following Rocky Week

08/11/2019 | 11:38pm

By Marketwatch and Associated Press

Stocks rise in Hong Kong, Shanghai; Nikkei closed for holiday

Asian markets cautiously rose in early trading Monday, following a volatile week for global markets as U.S.-China trade tensions increased.

Goldman Sachs on Sunday said that it does not expect a trade deal before the 2020 presidential election, and warned that the ongoing trade war is having a greater effect on the U.S. economy that first estimated. In a note to investors, the bank cut its growth forecast for the economy and said the risk of recession is rising as businesses reduce spending due to trade-war uncertainties.

Early Monday, China's central bank set the midpoint for the yuan weaker than 7 per U.S. dollar for the third day in a row. The People's Bank of China set the currency's reference point at 7.0211 per dollar, weaker than Friday's level but still stronger than what analysts had expected.

Hong Kong's Hang Seng Index gave up early gains and was last about flat, while the Shanghai Composite gained 0.7%. South Korea's Kospi advanced 0.4%, while Taiwan's Taiex was about flat and Indonesia's JSX Composite declined slightly. Australia's S&P/ASX 200 was little changed. Markets in Japan and Singapore were closed for holidays.

Among individual stocks, Sunny Optical and Tencent rose in Hong Kong, while HSBC fell. Samsung and SK Hynix gained in South Korea, while Rio Tinto slid in Australia.

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