Asian stocks rise as Biden and Xi hold the top of the video

Asian stocks rise as Biden and Xi hold the top of the video

Asian stock markets rose on Tuesday as President Joe Biden and China’s Xi Jinping held a summit meeting via video link.

Market standards have advanced in Shanghai, Tokyo and Hong Kong. Sydney fell.

Wall Street’s benchmark S&P 500 lost less than 0.1% as household goods makers rose and healthcare stocks fell.

Biden told Xi that their goal should be to ensure that competition “does not veer into conflict.” The two leaders met amid tension over trade, technology, human rights, Hong Kong and Taiwan. Xi said he is ready to “build consensus” and said the two sides need to improve communication.

Anderson Alves of ActivTrades said in a report that the meeting “will dominate the next session,” although White House officials “have tempered expectations for any meaningful progress” in relations.

The Shanghai Composite rose 0.3% to 3544.47 and Tokyo’s Nikkei 225 rose 0.5% to 29931.87. Hong Kong’s Hang Seng was up 0.7% at 25,575.40.

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Seoul’s Kospi rose less than 0.1% to 3,001.62 while Sydney’s S&P-ASX 200 lost 0.5% to 7,434.50. New Zealand and Jakarta fell while Singapore and Bangkok advanced.

On Wall Street, the S&P 500 fell to 4,682.80. The Dow Jones Industrial Average fell less than 0.1% to 36,087.45. The Nasdaq lost less than 0.1% to 15853.85.

Investors are shifting their focus from the latest corporate earnings to the economic issues that will determine growth through 2022. This includes supply chain problems and rising inflation.

Investors will watch for any indications that inflation is hindering business operations or consumer spending. Companies raised prices to pass on higher material costs. Consumers have taken that a big step, but analysts fear they may start to pull back from spending.

Investors are also waiting to see if Biden decides to nominate Federal Reserve Chairman Jerome Powell for a new term to lead the US central bank.

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Also Tuesday, the Commerce Department is due to announce US retail sales.

Chinese data reported on Monday showed retail sales growth for the month of October was weak compared to the previous month, as it was weakened by anti-coronavirus restrictions and consumers were alarmed by the wave of the outbreak.

In energy markets, benchmark US crude rose 53 cents a barrel to $81.41 in electronic trading on the New York Mercantile Exchange. The contract advanced 9 cents on Monday to $80.88. Brent crude, used as the basis for the global oil price, added 64 cents to $82.69 a barrel in London. It sank 12 cents in the previous session to $82.05 a barrel.

The dollar rose to 114.21 yen from 114.09 yen on Monday. The euro was unchanged at $1.1386.

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