An investor walks in front of private stock trading boards at a private stock market gallery in Kuala Lumpur, Malaysia, Thursday, Aug. 23, 2018. Asian stock markets are mixed after U.S. and Chinese officials held talks on their deepening trade dispute ahead of a new round of tariff hikes. (AP Photo/Yam G-Jun)

Asian stock markets mixed after US-China tariff hikes

August 23, 2018 - 2:32 am

BEIJING (AP) — Asian stock markets were mixed Thursday after the United States and China imposed new tariff hikes on each other's goods in an escalation of their battle over Beijing's technology policy.

KEEPING SCORE: The Shanghai Composite Index gained 0.5 percent to 2,729.29 and Tokyo's Nikkei 225 gained 0.1 percent to 22,395.14. Hong Kong's Hang Seng fell 0.7 percent to 27,727.06 while Sydney's S&P-ASX 200 retreated 0.3 percent to 6,249.10. India's Sensex shed 0.1 percent to 38,249.16 and Seoul's Kospi was off 2 points at 2,271.26. Benchmarks in Southeast Asia and Taiwan advanced while New Zealand declined.

TRADE WAR: The United States and China imposed 25 percent tariffs on $16 billion of each other's goods including automobiles, factory equipment and other goods. The increases, previously announced, came as envoys met in Washington for their first high-level talks in two months. Beijing has rejected U.S. demands to scale back technology development plans its trading partners saying violate Chinese market-opening pledges and that American officials worry might erode the United States' industrial leadership.

WALL STREET: The U.S. bull market became the longest on record after tech stocks and retailers gained while industrial companies declined. The run of 3,453 days without a drop of at least 20 percent, the traditional definition of a bear market, beat the 1990s stretch that ended in the dot-com collapse in 2000. The Standard & Poor's 500 index ended down 1.1 points at 2,861.82. The Dow Jones Industrial Average slid 0.3 percent, to 25,733.60. The Nasdaq composite gained 0.4 percent to 7,889.10. Nvidia gained 3.8 percent, while Lowe's jumped 5.8 percent.

CENTRAL BANK WATCH: Central bankers including Jerome Powell of the U.S. Federal Reserve hold an annual gathering starting Friday in Jackson Hole, Wyoming. Investors are looking ahead to Powell's keynote speech for signs of Fed views on Turkey's currency crisis and U.S.-Chinese trade tensions. If Powell sounds confident, investors would likely conclude the Fed will keep gradually raising rates.

ENERGY: Benchmark U.S. crude added 1 cent to $67.87 per barrel in electronic trading on the New York Mercantile Exchange. The contract jumped $1.02 on Wednesday to $67.86. Brent crude, used to price international oils, lost 19 cents to $74.59 per barrel in London. It rose $1.15 in the previous session to $74.78.

CURRENCY: The dollar gained to 110.80 yen from Wednesday's 110.56 yen. The euro declined to $1.1554 from $1.1595.

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