Hong Kong’s Hang Seng falls more than 2% as volatile week continues; Biden and Xi set to speak

Hong Kong’s Hang Seng falls more than 2% as volatile week continues; Biden and Xi set to speak


SINGAPORE — Shares in Asia-Pacific were mixed in Friday morning trade as the Bank of Japan held steady on monetary policy.

Hong Kong’s Hang Seng index dropped 2.55% in morning trade as shares of Chinese tech titan Tencent slipped more than 4%. The benchmark index has had a volatile week so far, seeing big losses on Monday and Tuesday before a dramatic turnaround over the next two days.

In mainland China, the Shanghai composite dipped 0.22% while the Shenzhen component shed 0.952%.

Japanese stocks were muted as the Nikkei 225 rose fractionally while the Topix index sat below the flatline. South Korea’s Kospi dipped 0.1%.

The S&P/ASX 200 in Australia climbed 0.34%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.08% lower.

U.S. President Joe Biden is set to speak with Chinese President Xi Jinping on Friday, with the two leaders to discuss topics such as Russia’s war against Ukraine and competition between the two countries, according to the White House.

Bank of Japan holds steady on monetary policy

The Bank of Japan on Friday announced its decision to hold steady on monetary policy. In a largely expected decision, the Japanese central bank kept its interest rate targets unchanged.

Stock picks and investing trends from CNBC Pro:

Oil jumps more than 2%

Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 2.33% to $109.13 per barrel. U.S. crude futures jumped 2.56% to $105.62 per barrel.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 98.111 — still off levels above 99 seen earlier this week.

The Australian dollar changed hands at $0.737, having risen in recent days from levels below $0.721.



Source

The U.S. and China are set for icebreaker trade talks. Here’s what to expect
World

The U.S. and China are set for icebreaker trade talks. Here’s what to expect

Delegation officials arriving for the second bilateral meeting between U.S. Treasury Secretary Janet Yellen and China’s Vice Premier He Lifeng at the Guangdong Zhudao Guest House in the southern Chinese city of Guangzhou on April 6, 2024. Pedro Pardo | Afp | Getty Images The stakes are high for the U.S. and China’s icebreaker trade […]

Read More
Trump says 80% tariff on China ‘seems right’ ahead of U.S.-Beijing trade talks
World

Trump says 80% tariff on China ‘seems right’ ahead of U.S.-Beijing trade talks

US President Donald Trump, alongside Treasury Secretary Scott Bessent (R), speaks during a bilateral meeting with Prime Minister of Norway Jonas Gahr Store in the Cabinet Room of the White House in Washington, DC, on April 24, 2025. Saul Loeb | Afp | Getty Images President Donald Trump said in a social media post Friday […]

Read More
Pandora to Puma: Retailers warn tariffs will push up prices
World

Pandora to Puma: Retailers warn tariffs will push up prices

A Puma sportswear store in central London on May 1, 2025. Bloomberg | Getty Images Household brands including Pandora, Puma and Hugo Boss all said this week that they are evaluating their pricing strategies in the U.S. and beyond in the event that President Donald Trump’s most punitive levies come into effect. Some others, meanwhile, […]

Read More