Asia-Pacific Shares Mixed As Investors Monitor Biden-Xi Talks

Asia-Pacific shares were mixed on Tuesday morning as investors monitor the virtual meeting talks between the US president and the Chinese president. The meeting has long been predicted to happen between the two superpowers.

Joe Biden and Xi Jinping met over key reassuring issues and talked for three and a half hours. It’s the second time the two leaders would be speaking without seeing physically. The talks ended at around half past noon in Beijing.

While the talks were ongoing, mainland Chinese stocks improved with the Shanghai composite up by 0.3%. Shenzhen component also gained 0.509% as Hong Kong’s Hang Seng index moved by 1.05%.

Japanese stocks muted. Nikkei 225 slightly moved higher as the Topix index dipped. South Korean the Kospi fell by 0.1%. MSCI’s index shares outside Japan surged by 0.29%.

Australia’s S&P/ASX 200 fell by 0.8% after the pushback against an interest rate hike next year. The hike was a call from wagers, reflecting the pressures of inflation in the country and globally.

On Wall Street, the Dow Jones Industrial Average moved  12.86 points to 36,087.45. The  S&P 500 was near flat and the Nasdaq Composite dipped.

The US-dollar index continued to rise 95.2 to a fractional 95.422. The Japanese Yen showed weaknesses after trading below 114.14. The Australian dollar bounced back from $0.73 to trade at $0.7353.

Oil prices showed significant strength in Asia’s trading hours. The Asian international benchmark, Brent crude futures, gained 0.74% per barrel. In the US, the US crude futures also gained 0.59% per barrel.

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