Asian Shares Retreat As US-China Tensions Weigh

(RTTNews) - Asian stocks retreated on Wednesday, with renewed U.S.-China trade tensions and mixed U.S. earnings keeping investors on edge.

Technology stocks paced the declines after a rally on Wall Street showed signs of fatigue.

China's Shanghai Composite index finished marginally lower at 3,913.76 after U.S. President Donald Trump cast doubt on whether or not he will meet with Chinese leader Xi Jinping at a regional summit next week.

Hong Kong's Hang Seng index fell 0.94 percent to 25,781.77 on concerns that higher U.S. tariffs and other trade issues could impact the semiconductor industry.

Japanese markets ended little changed, reversing initial losses after reports suggested that the new premier is preparing a sizeable stimulus package that could exceed last year's 13.9 trillion yen ($92.19 billion).

The Nikkei average finished marginally lower at 49,307.79 following two days of strong gains to record highs.

The broader Topix index settled 0.52 percent higher at 3,266.43 after data showed Japan's exports rose for the first time in five months in September due to a boost from a weak yen.

Tech companies led losses, with technology investor SoftBank Group tumbling 4.9 percent and semiconductor test equipment supplier Advantest falling 1.7 percent.

Seoul stocks rallied as Trump embarks on a high-stakes Asian tour aiming to ease global trade tensions, rebuild alliances, and secure major investment deals.

The Kospi average jumped 1.56 percent to 3,883.68, extending its winning streak to a sixth day and closing at a new record high, led by gains in chipmakers and automakers.

LG Chem soared 13 percent after London-based hedge fund Palliser Capital said the company's stock could double in value if the company refreshes its board buys back shares.

Likewise, LG Energy Solution surged 4 percent following Palliser Capital's report on the firm.

Australian markets retreated from record highs as gold miners succumbed to heavy selling pressure after stellar rally. Sector heavyweights like Northern Star Resources and Evolution Mining plummeted 9-10 percent.

Banks and energy stocks rose, helping limit the downside in the broader market. The benchmark S&P/ASX 200 dipped 0.71 percent to 9,030 while the broader All Ordinaries index fell 0.73 percent to 9,321.10.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended down 0.53 percent at 13,306.44, snapping a two-day winning streak.

The dollar was steady in Asian trade while gold extended losses after Tuesday's record dip.

Oil prices pushed higher for a second day, with sanctions-related supply risks and an unexpected dip in U.S. crude oil inventories offering support.

U.S. stocks ended mixed overnight after ending notably higher over the two previous sessions.

The narrower Dow rose half a percent to reach a new record closing high following generally upbeat results from the likes of 3M, Coca-Cola, General Motors and GE Aerospace.

The S&P 500 finished marginally higher while the tech-heavy Nasdaq Composite dipped 0.2 percent after President Trump said his expected meeting next week with Chinese President Xi Jinping might yet be cancelled.