Asian shares mostly higher with all eyes on Trump-Kim summit
TOKYO — Asian shares were mostly higher Tuesday but little changed as market players tried to digest the summit between President Donald Trump and North Korean leader Kim Jong Un in Singapore.
KEEPING SCORE: Japan's benchmark Nikkei 225 was up 0.3 percent in early trading at 22,867.41. Australia's S&P/ASX 200 was also up nearly 0.3 percent at 6,061.30. South Korea's Kospi was virtually unchanged at 2,468.37 after fluctuating earlier in the day. Hong Kong's Hang Seng's rose 0.2 percent to 31,120.23, while the Shanghai Composite index recouped earlier losses to be up less than 0.1 percent at 3,054.22.
WALL STREET: The Dow Jones industrial average rose 5.78 points, or less than 0.1 percent, to 25,322.31. The Standard & Poor's 500 index rose 2.97 points, or 0.1 percent, to 2,782.00 and the Nasdaq composite rose 14.41 points, or 0.2 percent, to 7,659.93.
SUMMIT WATCH: Investors have been waiting for the meeting between Trump and Kim, aimed at settling a standoff over the North's nuclear arsenal. Trump and Kim shook hands warmly in Singapore and then moved into a roughly 40-minute one-on-one meeting, joined only by their interpreters, before including their advisers. North Korea has reportedly said it is willing to deal away its entire nuclear arsenal if the United States provides it with reliable security assurances and other benefits.
CENTRAL BANKS: The Federal Reserve will start a two-day meeting on interest rates on Tuesday, wrapping up on Wednesday. Investors expect the nation's central bank to raise interest rates from their current level of 1.75 percent to 2 percent, but most attention will be on how many rate hikes Fed officials are considering doing later this year. On Friday, the Bank of Japan is due to give its latest policy update.
ANALYST'S TAKE: "Deal or no deal? Just don't ask what comprises a 'deal' and we are fine. At the risk of sounding a tad frivolous, that appears to be the truth of the matter," said Vishnu Varathan of Mizuho Bank in Singapore of the Trump-Kim summit.
ENERGY: Benchmark U.S. crude rose 3 cents to $66.13 a barrel. It was up 36 cents to $66.10 per barrel Monday in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, lost 9 cents to $76.37 per barrel in London.
CURRENCIES: The dollar rose to 110.24 yen from 109.48 yen late Monday in Asia. The euro fell to $1.1769 from $1.1799.
The United States formally concluded that North Korea ordered the murder of Kim Jong-Nam, a half-brother and potential rival to ruler Kim Jong-Un, with the VX nerve agent.
"This public display of contempt for universal norms against chemical weapons use further demonstrates the reckless nature of North Korea and underscores that we cannot afford to tolerate a North Korean WMD program of any kind," US State Department spokeswoman Heather Nauert said.
The finding triggered another layer of US economic sanctions against Pyongyang, just as South Korea reported that the regime is ready for talks to end a nuclear standoff.
Suspected North Korean hackers have attempted an attack targeting a major joint military exercise between Seoul and Washington that starts on Monday, South Korean police said.
South Korea and the United States will kick off the annual Ulchi Freedom Shield drills on Monday through August 31 to counter growing threats from the nuclear-armed North.
Pyongyang views such exercises as rehearsals for an invasion and has repeatedly warned it would take "overwhelming" action in response. — AFP
The United States says it was committed to freeing an American soldier who crossed into North Korea, as it voiced caution on remarks attributed to him by Pyongyang.
In North Korea's first comments about last month's crossing of Travis King, state media said Tuesday that the soldier, who is Black, said he fled "racial discrimination" and bore "ill feeling" toward the US Army.
"We would caution everyone to consider the source here. That is incredibly important," White House Press Secretary Karine Jean-Pierre tells reporters when asked about King's purported remarks. — AFP
A US soldier is believed to have been detained by North Korea after crossing the heavily fortified border -- an incident likely to further aggravate Washington's troubled relations with the nuclear-armed state.
Hours later, North Korea fired two short-range ballistic missiles into the sea, according to the South Korean military -- an apparent response to the first visit by an American nuclear-armed submarine to a South Korean port in decades.
The events underscored the diplomatic tightrope being walked by Seoul and Washington in the face of an increasingly assertive Pyongyang. — AFP
North Korea threatens to shoot down any US spy planes violating its airspace and condemns Washington's plans to deploy a nuclear missile submarine near the Korean peninsula.
A spokesperson for the North's Ministry of National Defense says the United States has "intensified espionage activities beyond the wartime level", with "provocative" flights made by US spy aircraft over eight straight days this month, and one reconnaissance plane intruding into its airspace over the East Sea "several times".
"There is no guarantee that such shocking accident as downing of the US Air Force strategic reconnaissance plane will not happen in the East Sea of Korea," the spokesperson says in a statement, carried by the official Korean Central News Agency. — AFP
North Korea has accused a US spy aircraft of violating its airspace and condemned Washington's plans to deploy a nuclear missile submarine near the Korean peninsula.
A spokesperson for the North's Ministry of National Defence said "provocative" flights were made by US spy aircraft this month, with one reconnaissance plane intruding into its airspace over the East Sea "several times".
"There is no guarantee that such shocking accident as downing of the U.S. Air Force strategic reconnaissance plane will not happen in the East Sea of Korea," the spokesperson said in a statement, carried by the official Korean Central News Agency. — AFP
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