A container ship sails past buildings in Busan, South Korea, on Thursday, Sept. 22, 2022. Photographer: SeongJoon Cho\/Bloomberg via Getty Images<\/p>\n
Bloomberg | Bloomberg | Getty Images<\/p>\n
Chinese and Hong Kong markets fell Thursday as investors assessed the first in-person meeting between U.S. President Donald Trump and Chinese President Xi Jinping since Trump began his second term.<\/p>\n
Mainland China’s CSI 300 slipped 0.5%, while Hong Kong’s Hang Seng index<\/a> fell 0.76%, reversing earlier gains after the meeting concluded.<\/p>\n Trump said he had reached a one-year agreement with China on rare earths and other critical minerals, and that Washington will cut fentanyl-related tariffs on Beijing to 10% after their meeting in South Korea.<\/a><\/p>\n Other Asia-Pacific markets were mixed on Thursday, after U.S. Federal Reserve Chair Jerome Powell indicated that a rate cut in December was far from a “foregone conclusion.”<\/p>\n The Fed on Wednesday slashed the benchmark federal funds rate by 25 basis points, as expected, to bring it to 3.75%-4%.<\/p>\n South Korea’s markets will also be in focus after Seoul’s chief policy advisor Kim Yong-beom reportedly released details of the trade deal with Washington.<\/p>\n South Korea will invest $200 billion in the U.S., with an annual cap of $20 billion a year, while the remaining $150 billion of its $350 billion total pledge announced earlier this year will be used for shipbuilding cooperation, according to local media reports.<\/p>\n The Kospi<\/a> gained 0.85% with gains seen in auto and shipbuilding stocks<\/a>, while the small-cap Kosdaq was down 0.78%.<\/p>\n Overnight in the U.S., the\u00a0Dow Jones Industrial Average<\/a>\u00a0closed lower Wednesday after Powell’s remarks, having hit a record high earlier in the session.<\/p>\n The Dow closed down 0.2% at 47,632.00, while the\u00a0S&P 500<\/a>\u00a0ended marginally lower at 6,890.59.<\/p>\n However, the\u00a0Nasdaq Composite<\/a> gained 0.55% to a fresh record close of 23,958.47, propped up by a rise in\u00a0Nvidia<\/a>.<\/p>\n \u2014CNBC’s Sean Conlon and Sarah Min contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"A container ship sails past buildings in Busan, South Korea, on Thursday, Sept. 22, 2022. Photographer: SeongJoon Cho\/Bloomberg…\n","protected":false},"author":2,"featured_media":219193,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[5754,5753,4117,84,273,1294,5748,5749,467,5751,4125,56,54,55,4953],"class_list":["post-233403","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-asia-economy","tag-breaking-news-asia","tag-breaking-news-markets","tag-business","tag-business-news","tag-economy","tag-hang-seng-index","tag-kospi-index","tag-markets","tag-nikkei-225-index","tag-sp-500-index","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-world-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/233403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=233403"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/233403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/219193"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=233403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=233403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=233403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}