Asian stocks higher as US-China tensions rise

Aug 1, 2022, 12:17 PM | Updated: Aug 2, 2022, 9:16 pm
A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index ...

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Wednesday, Aug. 3, 2022. Asian stock markets rose Wednesday as traders watched for signs trade might be disrupted by U.S.-Chinese tension over an American lawmaker's visit to Taiwan. (AP Photo/Kin Cheung)

(AP Photo/Kin Cheung)

BEIJING (AP) — Asian stock markets rose Wednesday as traders watched for signs trade might be disrupted by U.S.-Chinese tensions over an American lawmaker’s visit to Taiwan.

Shanghai, Hong Kong, Tokyo and Seoul advanced after Beijing announced a ban on imports of some Taiwanese goods but no immediate major penalties following the arrival of Speaker Nancy Pelosi of the U.S. House of Representatives. The mainland’s ruling Communist Party claims Taiwan as part of its territory and rejects foreign official contact with the self-ruled island democracy.

“The real show of force by China is still to come,” said Clifford Bennett of ACY Securities in a report.

The Shanghai Composite Index gained 0.4% to 3,198.38 and the Nikkei 225 in Tokyo rose 0.5% to 27,740.97. The Hang Seng in Hong Kong added 0.2% to 19,726.73.

Taiwan’s Taiex shed 0.2% to 14,724.51 after Beijing announced a ban on citrus and some fish from Taiwan to show its displeasure at Pelosi’s visit. The mainland announced military maneuvers in areas surrounding Taiwan but no indication it might punish industries such as Taiwanese producers of processor chips needed by Chinese factories that assemble the world’s smartphones.

The Kospi in Seoul advanced 0.5% to 2,452.91 while Sydney’s S&P-ASX 200 shed 0.4% to 6,969.90.

New Zealand and Southeast Asian markets rose.

Wall Street’s benchmark S&P 500 index lost 0.7% on Tuesday after the Labor Department said American employers posted fewer job openings than expected in June following interest rate hikes to cool surging inflation.

Investors worry aggressive efforts by the Federal Reserve and other central banks to tame inflation that is running at multi-decade highs might derail global economic growth.

The S&P 500 fell to 4,091.19. It is down nearly 1% this week.

The The Dow Jones Industrial Average lost 1.2% to 32,396.17, largely because of a tumble for Caterpillar, a maker of earth moving equipment maker. The company fell 5.8% after it reported weaker revenue for the latest quarter than expected.

The Nasdaq composite slipped 0.2% to 12,348.76.

The Labor Department said employers posted 10.7 million jobs in June, down from 11.3 million the previous month but still a relatively high figure.

Job openings, which never exceeded 8 million in a month before last year, had topped 11 million every month from December through May before dipping in June.

Some weak data on the U.S. economy has added to suggestions the peak in inflation has passed but also indicates the risk of a recession is increasing.

In energy markets, benchmark U.S. crude shed 22 cents to $94.20 per barrel in electronic trading on the Ne York mercantile Exchange. The contract rose 53 cents the previous day to $94.42. Brent crude lost 30 cents to $100.24 per barrel in London. It rose 51 cents the previous session to $100.54 a barrel.

The dollar declined to 132.94 yen from Tuesday’s 133 yen. The euro gained to $1.0187 from $1.0174.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - Anne Heche arrives at the 74th annual Directors Guild of America Awards on March 12, 2022, i...
Associated Press

LAPD ends investigation into Anne Heche car crash

NEW YORK (AP) — The Los Angeles Police Department has ended its investigation into Anne Heche’s car accident, when the actor crashed into a Los Angeles home on Aug. 5. Heche is brain dead and on life support, pending evaluation for organ donation. “As of today, there will be no further investigative efforts made in […]
1 day ago
Associated Press

Mexican border cities hit by burning vehicles, blockades

MEXICO CITY (AP) — The Mexican border cities of Tijuana, Mexicali, Rosarito and Ensenada were hit by gang violence that included vehicles being set ablaze and road blockades. The U.S. Consulate in Tijuana instructed its employees “to shelter in place until further notice” around midnight because of the violence. It was the third time this […]
1 day ago
Employees stand around the turbine serviced in Canada for the Nordstream 1 natural gas pipeline in ...
Associated Press

Germans urged to cap heat in offices this winter to save gas

BERLIN (AP) — German businesses and public institutions should heat their offices no higher than 19 degrees Celsius (66.2 degrees Fahrenheit) this winter to help reduce the country’s consumption of natural gas, Germany’s economy minister said Saturday. Germany, the European Union’s biggest economy, is quickly trying to wean itself off using natural gas from Russia […]
1 day ago
Hawaii Lt. Gov. Josh Green, left, and his wife, Jamie, greet passing cars while campaigning in Hono...
Associated Press

Hawaii voters picking nominees in race to succeed Gov. Ige

HONOLULU (AP) — The candidates running in Saturday’s primary election to succeed term-limited Democratic Gov. David Ige include a former first lady, a retired mixed martial arts champion and a congressman who moonlights as a Hawaiian Airlines pilot. Democratic U.S. Rep. Kaiali’i Kahele’s decision to run for governor has opened up his congressional seat representing […]
1 day ago
A prototype trash can called Salt and Pepper is seen near the Embarcadero in San Francisco on July ...
Associated Press

What takes years and costs $20K? A San Francisco trash can

SAN FRANCISCO (AP) — What takes four years to make and costs more than $20,000? A trash can in San Francisco. That costly, boxy bin is among six trash cans hitting San Francisco’s streets this summer in the city’s long saga in search of the perfect can. Overflowing trash cans are a common sight in […]
1 day ago
Associated Press

Police: Officers in Texas fatally shoot man with rifle

RICHLAND HILLS, Texas (AP) — Police in suburban Fort Worth fatally shot a man who pointed a rifle at them, authorities said. The shooting Friday in Richland Hills happened as two officers were investigating reports of gunshots along a city street. They found a man carrying a rifle about two blocks away, according to Richland […]
1 day ago

Sponsored Articles

Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
...

Compassion International Is Determined to ‘Fill’ a Unique Type of Football ‘Stadium’

Compassion International SPONSORED — During this fall’s football season—and as the pandemic continues to impact the entire globe—one organization has been urging caring individuals to help it “fill” a unique type of “stadium” in order to make a lasting difference in the lives of many. Compassion International’s distinctive Fill the Stadium (FtS, fillthestadium.com) initiative provides […]
...

What are the Strongest, Greenest, Best Windows?

Lake Washington Windows & Doors SPONSORED — Fiberglass windows are an excellent choice for window replacement due to their fundamental strength and durability. There is no other type of window that lasts as long as fiberglass; so why go with anything else? Fiberglass windows are 8x stronger than vinyl, lower maintenance than wood, more thermally […]
Asian stocks higher as US-China tensions rise