Asia Markets Today | May 14: Kospi Gains, Nikkei Mixed As Investors Watch Trump-Xi Meeting

Asia-Pacific markets traded mixed on Thursday as investors turned their attention to a closely watched meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing, with markets assessing the potential impact on trade ties and the global economy.

Trump arrived in Beijing on Wednesday for his first state visit to China in nine years by a U.S. leader. The summit comes as Washington and Beijing attempt to stabilise relations against the backdrop of the Iran conflict and concerns over global inflation.

Trump is scheduled to meet Xi at the Great Hall of the People on Thursday morning. The U.S. president was accompanied by several business leaders, including Tesla Chief Executive Elon Musk and Nvidia Chief Executive Jensen Huang.

Markets in the region were mixed in early trade. Japan’s Nikkei 225 rose 0.27%, while the broader Topix index slipped 0.23%. South Korea’s Kospi gained 0.38%, while the small-cap Kosdaq climbed 1.31%.

Australia’s S&P/ASX 200 fell 0.16%. Hong Kong’s Hang Seng index futures traded at 26,799, above the benchmark’s previous close of 26,388.44.

Chinese equities, which are trading at their highest levels since 2021, were also set for further gains, with investors closely tracking developments from the Beijing summit.

Wall Street Rally Continues

Asian equities took cues from another record session on Wall Street, where gains in technology shares outweighed concerns over inflation and interest rates.

The S&P 500 rose 0.58% to close at a record 7,444.25, while the Nasdaq Composite advanced 1.2% to end at an all-time high of 26,402.34. Both indexes also touched fresh intraday highs during the session.

The Dow Jones Industrial Average fell 67.36 points, or 0.14%, to close at 49,693.20.

Investor sentiment remained supported by strong corporate earnings and expectations that spending linked to artificial intelligence will continue to support growth.

Oil Declines, Bond Yields Draw Focus

A fall in oil prices also supported risk appetite across markets on Wednesday, while investors closely watched U.S. Treasury markets after a $25 billion auction of 30-year bonds attracted demand at yields above 5% for the first time since 2007.

The offshore yuan extended gains and is currently on its longest winning streak since 2017.

Market participants are also monitoring developments in the Middle East, with concerns that the conflict involving Iran could keep inflation elevated and weigh on the global economy.

U.S. Futures Edge Higher

U.S. stock futures were little changed in early Asian trade. S&P 500 futures rose 0.1%, while Nasdaq 100 futures added 0.4%.

Futures linked to the Dow Jones Industrial Average gained 111 points, or nearly 0.3%.

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