BEIJING — Asian stock markets followed Wall Street lower Monday after the top U.S. and Chinese diplomats agreed to cooperate during a meeting held at a time of friction over an array of conflicts.
On Sunday, Secretary of State Antony Blinken and Chinese Foreign Minister Qin Gang held what the Chinese government called “candid, in-depth and constructive talks” at a time when relations are at their lowest point in decades. They indicated willingness to cooperate on major issues but did not indicate there was any progress on disputes over Taiwan, human rights, technology and security.
The Kospi 180721 in Seoul retreated 0.6% to 2,609.50 while Sydney’s S&P-ASX 200 XJO gained 0.6% to 7,291.00.On Friday, the S&P 500 SPX declined to 4,409.59, but closed out a fifth straight weekly gain. It is near a 14-month high following a 15% rise this year. Last week, the Fed held its benchmark lending rate steady, the first time in 10 straight monthly meetings it hasn’t announced an increase.
Chemical company Cabot CBT slumped 8.1% after it said soft demand worldwide, and especially in China, will hurt profits this year.
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