Asia stocks mixed on possible US-China trade snag

Traders work on the floor of the New York Stock Exchange on Nov 04 2019 in New York City

Traders work on the floor of the New York Stock Exchange on Nov 04 2019 in New York City

Bank of America rose 1% mining and company Freeport-McMoRan rose 2.7%.

Indexes continued gains Tuesday with news that US and China trade negotiators were considering repealing some tariffs.

Ross said that the "Phase 1" talks now underway were making progress and that more complicated issues would not be tackled until later discussions. The drop could be a sign that after a period of nervousness about the economy, when the market responded positively to unexpected signs of strength, investors are returning to interpreting a positive economic surprise as an indication the Federal Reserve might be less likely to cut interest rates, said Mark Hackett, chief of investment research at Nationwide.

"We see it fit to temper optimism for now", said Vishnu Varathan of Mizuho Bank in a report.

US oil prices have risen by 34 cents to $56.54 a barrel on positive trade output as the dollar grew, gold, considered a haven currency, was little altered. He later is due to travel to Indonesia and Vietnam.

In Asia, Tokyo's Nikkei 225 gained 0.2% to 23,303.82 and Seoul's Kospi added just under 0.1% to 2,144.15. The energy sector climbed 0.5%, as oil prices rose.

MSCI's gauge of stock indexes in 47 countries edged lower by 0.01%.

Those reductions in the benchmark short-term interest rate the Fed controls have also contributed to rising share prices. The S&P 500 fell 3.65 points on Tuesday, after also reaching a record high on Monday.

The Dow Jones Industrial Average rose 30.52 points, or 0.11 per cent, to 27,492.63, the S&P 500 lost 3.65 points, or 0.12 per cent, to 3,074.62 and the Nasdaq Composite added 1.48 points, or 0.02 per cent, to 8,434.68.

New Zealand PM welcomes significant progress on RCEP
But "not all the Indian dairy farmers see it that way", he acknowledged, saying it was all part of negotiating trade deals. Prime Minister Prayuth Chan-oca labelled New Zealand a "leader" in value-added agricultural products, like the skin cream.

Oil producers and banks - along with other "cyclical" stocks that do well when the economy is strengthening - again led the way.

Even in manufacturing, which has been hit particularly hard by President Donald Trump's trade war, investors saw some hopes that things may be hitting bottom soon.

The Dow closed up 30 points to 27,492 while the Nasdaq squeaked higher, up a point to 8,434, but the S&P 500 dipped 3 points to 3,074.

"The fact that today is one of the first times that good news is bad news, that actually means we've reverted back to normal", Mr. Hackett said.

All that optimism could wash away quickly if U.S. The official said the Chinese have agreed to take the trade deal in steps.

It's a reprieve for cyclicals, which have been becoming a smaller part of the stock market as investors focused instead on defensive stocks or companies that can grow no matter what the economy is doing, such as, Apple and other big technology companies. They've also focused on companies that can grow nearly regardless of the economy, such as, Apple and other big tech firms.

Burger chain Shack Shack shares plunged 19% after disappointing investors Monday evening with a warning that sales will be weaker than expected this fiscal year.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 69 cents to settle at $57.23 a barrel. Brent crude, the global standard, rose 44 cents to $62.13 a barrel. Brent crude, the worldwide standard, rose 44 cents to $62.13 a barrel.

The dollar rose to 109.24 Japanese yen from 108.64 yen on Tuesday.

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