Stocks were mixed in Asia despite an overnight decline on Wall Street after President Donald Trump ordered a stop to talks on another round of aid for the economy.
Stocks were mixed in Asia on Wednesday despite an overnight decline on Wall Street after President Donald Trump ordered a stop to talks on another round of aid for the economy.
Markets rose in Hong Kong
and Sydney but fell in Tokyo.
Trump's announcement via
Twitter came after Federal Reserve Chair Jerome Powell urged Congress to come
through with more aid, saying that too little support would lead to a weak
recovery, creating unnecessary hardship. Hours after his tweets about ending
the stimulus talks, though, Trump appeared to edge back a bit from his call to
end negotiations, calling on Congress to send him a Stand Alone Bill for
Stimulus Checks ($1,200) Some analysts characterized Trump's move as likely a
negotiating ploy.
I do not believe hopes of a
stimulus deal are now gone forever," Jeffrey Halley of Oanda said in a
commentary. One of Mr. Trump's favorite negotiating tactics, judging by past
actions, is to walk away from the negotiating table abruptly. The intention
being to frighten the other side into concessions." With Chinese markets
closed for a weeklong holiday, trading in Asia has been subdued.
Hong
Kong's Hang Seng rose 0.4% to 24,087.46 and the Kospi in South Korea added
0.3% to 2,372.49. Japan's Nikkei 225 slipped 0.2% to 23,395.31.
Australia's S&P/ASX 200
jumped 0.8%, as investors were cheered by the government's budget plan, which
included tax cuts, subsidies and other stimulus to counter the impact of the
pandemic.
Shares fell in Singapore
but rose in Indonesia.
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