Economic news

Asian shares dip as U.S.-China talks end with no apparent progress

Asian shares slumped on Friday after U.S.-China trade negotiations produced no breakthrough and investors turned their attention to a speech by the Federal Reserve head for fresh clues on further steps to guide U.S. monetary policy.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slipped 0.25 percent, set for the weekly rise of about 1 percent.

Hong Kong's Hang Seng dropped 0.55 percent and the Shanghai Composite Index slid 0.35 percent.

Australian benchmark ASX 200 inched up 0.15 percent and South Korea's KOSPI added 0.2 percent. Japan's Nikkei jumped 0.65 percent, supported by a weaker yen.

The S&P 500 sank 0.17 percent on Wall Street overnight to retreat slightly from a record peak breached midweek, with industrial sector dipping following a fresh round of U.S.-China trade tariffs.

All eyes are on meeting of central bankers at the Jackson Hole, Wyoming, as speech by the Fed Chairman Jerome Powell is widely anticipated.

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