Asian shares were mixed on Tuesday as investors kept a wary eye on China-U.S. trade talks that could have a huge impact on the global economy.
U.S. futures were flat and oil prices rose.
A second day of talks was planned after U.S. and Chinese officials met in London on Monday for negotiations over various issues. The hope is that they can eventually reach a deal to reduce painfully high tariffs against each other. Most of the tariff hikes imposed since U.S. President Donald Trump escalated his trade war are paused to allow trade in everything from tiny tech gadgets to enormous machinery to continue.
In Asian trading, Tokyo’s Nikkei 225 gained 0.2% to 38,169.76, giving up early gains, while the Kospi in South Korea rose 0.3% to 2,866.66.
Hong Kong’s Hang Seng reversed its early advance, falling 0.4% to 24,083.58. The Shanghai Composite index dropped 0.6% to 3,379.75. In Taiwan, the Taiex surged 2.1%.
Australia’s S&P/ASX 200 advanced 0.7% to 8,578.50. India’s Sensex was nearly unchanged.
On Monday, the S&P 500 edged up just 0.1% and at 6,005.88 was within 2.3% of its record set in February. The Dow Jones Industrial Average slipped by 1 point, which is well below 0.1%, to 42,761.76.
The Nasdaq composite added 0.3% to 19,591.24.
Hopes that President Donald Trump will lower his tariffs after reaching trade deals with countries around the world have helped the S&P 500 has rally back after it dropped roughly 20% from its record two months ago. It’s back above where it was when Trump shocked financial markets in April with his wide-ranging tariff announcement on what he called “Liberation Day.”
Some of the market’s biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.1% after saying it agreed to buy Alphawave Semi in a deal valued at $2.4 billion. IonQ, meanwhile, rose 2.7% after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08 billion.
On the losing side of Wall Street was Warner Bros. Discovery, which flipped from a big early gain to a loss of 3% after saying it would split into two companies. One will get Warner Bros. Television, HBO Max and other studio brands, while the other will hold onto CNN, TNT Sports and other entertainment, sports and news television brands around the world, along with some digital products.
Tesla recovered some of its sharp, recent drop. The electric vehicle company tumbled last week as Elon Musk’s relationship with Trump broke apart, and it…
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