Stocks in Asia steadied in Friday morning trade following days of declines this week amid U.S.-China trade confusion.
The Nikkei 225 rose 0.67% in morning trade while the Topix index was 0.47% higher. Shares of gaming firm Nintendo, however, fell more than 2.5% after Morgan Stanley downgraded the stock to equal-weight from overweight.
Mainland Chinese stocks rose in early trade, with the Shanghai composite up about 0.3% and the Shenzhen component gaining 0.57%. The Shenzhen composite also added 0.528%. Hong Kong's Hang Seng index gained 0.6%.
In South Korea, the Kospi was 0.37% higher.
Meanwhile, shares in Australia rose as the S&P/ASX 200 gained 0.7%.
Shares of Westpac declined about 1% after Goldman Sachs cut its price target for the stock by 10%, according to Reuters. The lender's stock has slipped in the past few days. Australia's anti money-laundering and terrorism financing regulator filed for civil penalty orders against the firm, alleging its "oversight of the banking and designated services provided through its corresponding banking relationships was deficient."
Overall, the MSCI Asia ex-Japan index traded 0.39% higher.
Markets have had a rocky trading week amid mixed headlines on U.S.-China trade.
The Wall Street Journal reported Thursday that Chinese Vice Premier Liu He, during a phone call thought to have been made late last week, had invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing to sit down for further talks.
It was not clear whether U.S. negotiators had accepted Liu's invitation. However, the Journal's report said that U.S. trade officials were willing to meet with their Chinese counterparts. Meanwhile, the South China Morning Post said both countries are on the "doorstep" of reaching a deal, citing a source close to the Trump administration.
"I think the phase one agreement is important. One, because it would put a trade truce between China and the United States. Two, it'd build a little confidence and certainty in the trading system," Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce, told CNBC's "Squawk Box" on Friday.
"It is a step in the right direction if the deal can get done," Brilliant said.
"There's a little bit of an impasse right now after the enthusiasm expressed by President Trump when Vice Premier Liu He visited Washington and I had a chance to sit down (with) Liu He. And I explained to him: 'You're gonna have to have some give and take here, but China has to bring more to the table to get the final package,'" he added.
The matter has been further complicated by U.S. legislation on Hong Kong, which has been rocked by months of protests. The U.S. House of Representatives passed a bill on Wednesday intended to support protesters in Hong Kong. It prompted Beijing to accuse the U.S. of interfering in domestic affairs. U.S. President Donald Trump has yet to sign the bill.
"China has called on the President to veto the bill but with unanimous Senate and House support, its highly unlikely that he will do so," Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, wrote in an overnight note.
"They have threatened forceful measures if the bill is signed so expect to tensions to escalate when that happens," Lien said.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.950 after dipping to levels below 97.8 yesterday.
The Japanese yen traded at 108.67 per dollar after strengthening from levels above 108.9 seen earlier in the trading week. The Australian dollar changed hands at $0.6793 after declining from highs around $0.681 yesterday.
Oil prices declined in the morning of Asian trading hours, with international benchmark Brent crude futures shedding 0.41% to $63.71 per barrel. U.S. crude futures also slipped 0.53% to $58.27 per barrel.
— CNBC's Fred Imbert contributed to this report.
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November 21, 2019 at 03:38PM
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Asia stocks attempt to stabilize following days of declines - CNBC
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