breaking

Asia Markets Retreat Amid U.S.-China Summit Tensions

South Korea's Kospi index surrendered early gains Friday, falling 1.35% after hitting a record high above 8,000. The decline coincided with the second day of talks between President Donald Trump and Chinese President Xi Jinping in Beijing. Concerns over geopolitical friction, particularly regarding Taiwan, weighed on investor sentiment. Hopes that the summit could ease trade and technology export restrictions were tempered by Xi's warnings of potential conflict. Samsung Electronics and SK Hynix comprised a record 42.2% of the Kospi in May, raising concentration risks. Samsung shares dropped 1% after its labor union announced wage negotiation resumption without preconditions, set for after June 7. Trump's delegation included Tesla CEO Elon Musk and Nvidia Chief Jensen Huang. Their presence underscored the business sector's interest in bilateral relations and potential policy outcomes affecting semiconductors and technology.