Asian shares search for direction as U.S.-China trade talks begin - Ester Holdings

Asian shares search for direction as U.S.-China trade talks begin

SYDNEY (Reuters) – Asian shares barely moved on Monday as investors were unable to shake worries about global growth, U.S. politics and the Sino-U.S. trade war, keeping the safe haven dollar near a six-week top against major currencies.

Chinese stock indexes played catch-up when reopening after a week-long break. Gains came as the commerce ministry said retail earnings during the Lunar New Year holiday jumped 8.5 percent from the period last year, even though growth in the world’s second largest economy is slowing.

China’s blue-chip index surged 1.6 percent while Shanghai’s SSE Composite climbed 1.2 percent.

Australian stocks recouped some losses to end 0.2 percent lower while South Korea’s KOSPI index was up 0.2 percent. Indonesian and Indian benchmarks were in the red.

That left MSCI’s broadest index of Asia-Pacific shares outside Japan were slightly firmer after it was toppled from a four-month top on Friday.

Trading volumes were generally light, with Japan on public holiday.

Tensions between the United States and China have cost both countries billions of dollars and roiled global financial markets.

A new round of trade talks began in Beijing on Monday, with higher-level talks involving U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday and Friday.

If the negotiations do not progress sufficiently by March 1, the U.S. has said it intends to raise tariffs on $200 billion of imports from China to 25 percent from 10 percent.

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