U.S.-China Deadline Looms, Markets Subdued

Asia-Pacific markets were trading subdued Monday as investors awaited official announcement on whether the Aug. 12 deadline for U.S.–China tariff truce would be extended.

Japan markets are closed for a holiday.

In Hong Kong, the Hang Seng revived 47.99 points, or 0.2%, to 24,906.81.

Shares of Chinese vaccine maker Ab&B Bio-Tech skyrocketed on its Hong Kong trading debut. The stock hit HK$33.5 ($4.27 U.S.) almost 160% of its IPO price of HK$12.90.

Beyond its influenza vaccine, Ab&B is working on shots for rabies and various respiratory illnesses.

Economists surveyed by Reuters expect the Reserve Bank of Australia to lower its cash rate by 25 basis points to 3.60% on Aug. 12, after surprising that market by holding rates in July.

Commonwealth Bank of Australia, which participated in the survey, cited in a separate note that RBA’s concerns around market services and durable goods inflation were “largely squashed.”

In other markets

In Shanghai, the CSI 300 gained 17.54 points, or 0.4%, to 4,122.51

In Korea, the Kospi index lost 3.24 points, or 0.1%, to 3,206.77

In Singapore, the Straits Times index lost 7.05 points, or 0.2%, to 4,232.78.

In Taiwan, the Taiex index triumphed 114.24 points, or 0.5%, to 24,135.50.

In New Zealand, the NZX 50 hiked 67.23 points, or 0.5%, to 12,911.86

In Australia, the ASX 200 added 37.66 points, or 0.4%, to 8,844.77