TOKYO (AP) – Shares were mostly higher in Asia on Thursday after the Nasdaq composite set a new record for the second day in a row. Japan’s benchmark fell back as the dollar held steady ahead of meetings between Prime Minister Shinzo Abe and President Donald Trump.
KEEPING SCORE: Japan’s Nikkei 225 stock index lost 0.5 percent to 18,907.67 but most other indices were higher. Hong Kong’s Hang Seng index gained 0.1 percent to 23,502.27 and the Kospi in South Korea advanced 0.2 percent, to 2,068.26. The Shanghai Composite index climbed 0.3 percent to 3,176.87. Australia’s S&P ASX/200 edged 0.2 percent lower to 5,664.60, while shares in Southeast Asia were mostly higher.
ABE-TRUMP SUMMIT MEETING: Trump’s complaints over trade and currency rates worry many in Japan Inc. and Abe hopes to sell him on a job creation and investment package when they meet this week. With Japan’s largest export market at stake, investors are wary of big manufacturers’ shares.
ANALYST’S VIEWPOINT: Despite eking out gains Wednesday, U.S. markets are “very low-spirited,” Stephen Innes of OANDA said in a commentary. “The Trump trade is the primary focus for equity markets and without any further guidance on U.S. tax policies, investors stay on the sidelines, annoyed and concerned about the unknown.”
JAPAN MACHINERY ORDERS UP: Orders of “core machinery” that exclude ships and utilities rose 6.7 percent in December from the month before, suggesting relative strength in business investment, though economists cautioned against reading too much into such statistics.