SINGAPORE, Jan 23: Asian markets were flat in subdued trading Wednesday as Japan reported weak export data and news surfaced of possible hiccups in China-US trade talks.

KEEPING SCORE: Japan’s Nikkei 225 index was less than 0.1 percent higher at 20,631.54 and South Korea’s Kospi rose 0.3 percent to 2,123.92. Hong Kong’s Hang Seng edged less than 0.1 percent higher to 27,021.90. The Shanghai Composite index likewise gained less than 0.1 percent to 2,581.62. Australia’s S&P ASX 200 was flat at 5,856.70. Shares fell in Taiwan, Singapore and Indonesia but rose in Malaysia.

WALL STREET: US investors returned from a holiday Tuesday to lower global growth forecasts by the International Monetary Fund and news that China’s economy expanded last year at its slowest pace since 1990. Reports that the Trump administration recently rejected a meeting with Chinese trade officials caused major indexes to slip further. The S&P 500 index declined 1.4 percent to 2,632.90. The Dow Jones industrial average dropped 1.2 percent to 24,404.48 and the Nasdaq Composite was down 1.9 percent at 7,020.36.

JAPANESE TRADE: On Wednesday, Japan released weaker-than-expected trade data for December. The country said its exports fell by 3.8 percent from a year earlier, its largest drop in two years. It also posted its first full-year trade deficit since 2015. Imports climbed 1.9 percent in December, missing the market estimate of a 3.7 percent rise, and way below November’s 12.5 percent surge. Weaker Japanese exports suggest that a slowdown in China, the world’s second largest economy, is starting to have an impact on companies elsewhere that rely on it for business.

US-CHINA RELATIONS: Media outlets including the Financial Times and CNBC have reported that the White House turned down an offer by Chinese trade officials to meet in Washington this week, because of the lack of progress on matters like intellectual property theft. According to the reports, which cited unnamed sources close to the matter, the preparatory talks were meant to soften the ground before China’s economy czar, Vice Premier Liu He and US Trade Representative Robert Lighthizer meet on Jan. 30 and 31. White House economic adviser Larry Kudlow denied that, saying both sides are working toward the higher level talks.

ANALYST’S TAKE: “The US strategy might be to raise pressure on the Chinese ahead of the hard deadline in March, but this makes for uncomfortable interpretation by markets, and could potentially induce excessive volatility in the interim,” Chang Wei Liang of Mizuho Bank said in a commentary.

ENERGY: U.S. crude picked up 3 cents to $53.04 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed $1.03 lower at $53.01 per barrel on Tuesday. Brent crude, used to price international oils, gained 7 cents to $61.57 per barrel. It dropped $1.24 to $61.50 per barrel in London.

CURRENCIES: The dollar strengthened to 109.69 yen from 109.37 yen late Tuesday. The euro rose to $1.1366 from $1.1361. AP

HONG KONG, Oct 26: Asian shares were drifting Thursday as Wall Street’s retreat from recent record highs and a widely awaited European Central Bank meeting gave investors reason to pause.

KEEPING SCORE: Japan’s benchmark Nikkei 225 index edged 0.1 percent higher to 21,731.52 while South Korea’s Kospi dipped 0.3 percent to 2,484.52. Hong Kong’s Hang Seng slipped 0.3 percent to 28,223.48 but the Shanghai Composite in mainland China added 0.3 percent to 3,407.04. Australia’s S&P/ASX 200 reversed early losses to rise 0.2 percent to 5,916.30. Taiwan’s benchmark fell while Southeast Asian indexes were mixed.

ECB: The European Central Bank’s policy meeting, where it’s expected to sketch out a plan to exit its extraordinary stimulus program, is shaping up to be the day’s big market moving event. The euro was rising as investors awaited ECB chief Mario Draghi’s blueprint on phasing out its 60 billion euro ($71 billion) monthly bond purchase program, with attention focused on whether it’s going to be withdrawn more quickly or slowly than expected.

QUOTEWORTHY: “About the only thing that matters today is what Mario Draghi says at the ECB press conference later today,” said Rob Carnell, ING’s head of Asian research.

PROFIT AND LOSS: Investors were digesting the latest round of quarterly corporate earnings reports. South Korean automaker Hyundai Motors reported net income plunged by a fifth in the July-September period, adding to a nearly four-year long losing streak. Germany’s Deutsche Bank reported that net income more than doubled on cost cuts. They follow shaky earnings reports from U.S. companies including telecom giant AT&T, aerospace company Boeing and chipmaker Advanced Micro Devices.

FED SHORTLIST: Anticipation is building for President Donald Trump’s decision on who should lead the Federal Reserve once current Chair Janet Yellen’s term expires in February. His choice is expected before he leaves for an Asia trip on Nov. 3. In a TV interview, he praised Yellen but also acknowledged his conflicting desire to make his own mark. Among the four other candidates, Trump’s top economic adviser, Gary Cohn, is now seen as out of the running.

WALL STREET: Major U.S. benchmarks lost ground as a string of poor earnings reports hit investor sentiment. The S&P 500 shed 0.5 percent to 2,557.15. The Dow Jones industrial average fell 0.5 percent to 23,329.46. The Nasdaq composite sank 0.5 percent to 6,563.89. AP

CURRENCIES: The dollar slipped to 113.58 yen from 113.75 yen in late trading Wednesday. The euro edged up to $1.1829 from $1.1813.

ENERGY: Oil futures fell. Benchmark U.S. crude shed 9 cents to $52.10 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 29 cents to settle at $52.18 a barrel on Wednesday. Brent crude, used to price international oils, sank 5 cents to $58.39 per barrel in London.