Investing.com – Asian stocks were mixed in morning trade on Monday as traders shrugged off the biggest advance in U.S. shares in almost four weeks.
China’s Shanghai Composite climbed 0.2% while the Shenzhen Component also gained 0.7% by 9:38PM ET (01:38 GMT). It was reported on Friday that the U.S. and China issued a long list of demands in a statement titled “Balancing the Trade Relationship”, as an attempt to resolve the trade dispute between the two countries.
Among other things, China demanded the U.S. to stop imposing 25% extra tariffs against Chinese products, adjust export ban on ZTE Corp (HK:0763), and open its e-payment market to Chinese companies.
Meanwhile, the U.S. requested several conditions, including protection of American technology and intellectual property and reducing the two nation’s trade deficit by at least $200 billion by 2020.
The upcoming U.S.-North Korea meeting remained in focus as North Korea’s state-run news agency accused the U.S. of trying to mislead the public to believe its sanctions were the reason behind North Korea’s willingness to remove nuclear weapons.
The news came after Trump said on Friday that a date and place are confirmed for the upcoming summit. While official details were not provided, South Korean newspapers have reported that the meeting would most likely take place in the third week of June in Singapore.
Japan’s Nikkei 225 slipped 0.4%. Reports that several policymakers said the Bank of Japan should make it clear to the public that it is not ready to consider the details and timing of when it could exit its ultra-loose policy garnered some attention.
"While normalization, or a gradual reduction in the degree of monetary accommodation, could become a topic for consideration in the future, the BOJ needs to explain to markets that normalization ... would be different from monetary tightening," one board member was quoted as saying.
Elsewhere, Hong Kong’s Hang Seng Index slipped 0.2%, while Australia’s S&P/ASX 200 climbed 0.5%. South Korean markets are closed for a holiday.
Looking ahead, China trade data and Australia’s federal budget are due out Tuesday, while Wednesday would bring Japanese wages data and then later on U.S. PPI. Inflation releases in China and the U.S. are scheduled to be released on Thursday.