Asian markets were mixed in early trading Thursday, following the Fed’s first interest-rate cut in more than a decade.
Stocks slid on Wall Street after the Fed cut interest rates by 25 basis points and failed to clearly signal whether more cuts were on the horizon.
Meanwhile, trade negotiations between the U.S. and China concluded in Shanghai, with no major breakthrough. China did agree to buy more U.S. agricultural products, and the White House said talks are expected to continue in Washington in September. The ongoing trade war has hurt China economy, though a report Thursday found China’s factory activity improved slightly in June, though it was still in contraction.
Japan’s Nikkei NIK, +0.02% was flat, while Hong Kong’s Hang Seng Index HSI, -0.79% and the Shanghai Composite SHCOMP, -0.88% each fell about 0.7%. South Korea’s Kospi 180721, +0.04% rose slightly, while benchmark indexes in Taiwan Y9999, -0.95% , Singapore STI, -0.11% and Indonesia JAKIDX, -0.06% posted modest losses. Australia’s S&P/ASX 200 XJO, -0.25% slipped 0.2%.
Among individual stocks, electronics manufacturer TDK 6762, +8.62% surged in Tokyo trading along with Nintendo 7974, +3.49% and Mitsubishi UFJ 8306, +2.79% . In Hong Kong, casino operator Galaxy Entertainment 27, -2.78% fell, as did AIA Group 1299, -1.55% . SK Hynix 000660, +1.04% rose in South Korea while Samsung 005930, -0.33% fell slightly. BHP BHP, -1.30% and Rio Tinto RIO, -1.52% declined in Australia.