Investing.com – Markets were mixed Friday morning in Asia ahead of a much anticipated G20 summit in Argentina even as new data showed that growth in China’s manufacturing sector fell below expectations.
Shares in China and Hong Kong were up but they were down in most other major markets, including Japan, South Korea and Australia.
The G20 meeting that starts Friday night for Asia is likely to feature a meeting between U.S. President Donald Trump and Chinese President Xi Jinping. U.S. officials have signaled that a deal on trade might be possible. Such a deal, if it happens, could bring a truce in the ongoing China-U.S. trade war.
Still, expectations of a substantial deal coming out of the meeting of the two presidents were low.
The trade war is having an impact on both sides. China’s official Purchasing Managers’ Index (PMI) released on Friday showed that new orders shrank in November and growth stalled for the first time in more than two years. The PMI fell to 50, down from 50.2 in October. A number above 50 signals expansion, so a reading of 50 is neutral. Analysts had expected the PMI to hold at 50.2, according to Reuters.
Still, stocks in China were trading higher at mid-morning Friday, while bourses in Japan, South Korea and Australia were all in the red.
Hong Kong’s Hang Seng Index was up 0.8% to 26,672 by 10:10PM EST (03:10AM GMT) while bourses in mainland China were also up. The Shanghai Composite Index gained 0.39% to 2,577 and the SZSE Component was up 0.28% at 7,617.
Japan’s Nikkei 225 was down 0.19% to 22,311 and South Korea’s KOSPI was down 0.34% at 2,106. In Australia, the S&P/ASX 200 was down 1.05% to 5,697.
Overnight in the U.S., Wall Street finished with mild losses on Thursday after big gains on Wednesday.