Global Economy

Asia stocks edge down with G-20 summit set to kick off in Japan

Stocks in Asia Pacific dipped in Friday morning trade as investors await the kickoff of the G-20 summit in Osaka, Japan, where U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet amid the ongoing trade standoff.

In Japan, the Nikkei 225 slipped 0.27% in early trade, with shares of index heavyweight and robot maker Fanuc declining 1%. The Topix index also shed 0.16%.

Over in South Korea, the Kospi was flat, while Australia’s S&P/ASX 200 fell 0.13%.

Asia-Pacific Market Indexes Chart

Overnight on Wall Street, the S&P 500 rose 0.4% to close at 2,924.92 and the Nasdaq Composite added 0.7% to end its trading day at 7,967.76. The Dow Jones Industrial Average, however, shed 10.24 points to close at 26,526.58.

The moves came ahead of the G-20 summit, set to begin later on Friday. Trump and Xi are scheduled to meet on Saturday, where they are expected to discuss trade, as investors watch for signs of whether the two countries can make progress toward ending their protracted trade fight.

Ahead of that meeting, sources told CNBC that China is looking for a ‘balanced ” trade deal at the summit, though the U.S. isn’t interested. An agreement between Trump and Xi at the G-20 summit in Japan could avert the next round of tariffs on additional $300 billion worth of Chinese imports.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.193 after seeing levels above 96.3 yesterday.

The Japanese yen traded at 107.68 against the dollar after touching levels above 108.0 in the previous session. The Australian dollar changed hands at $0.7008 after rising from levels below $0.700 yesterday.

Oil prices were little changed in the morning of Asian trading hours, with international benchmark Brent crude futures just below the flat line at $66.53 per barrel, and U.S. crude futures flat at $59.43 per barrel.

— CNBC’s Fred Imbert contributed to this report.


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