Asian markets mixed as trade, recession worries linger

The Hang Seng Index (HSI) in Hong Kong fell briefly at open. But it rose 0.6% in mid-morning trading.

On Thursday, Hong Kong government unveiled a stimulus package worth about $19 billion Hong Kong dollars ($2.4 billion) to help avert a recession.

China's Shanghai Composite Index (SHCOMP) gained 0.8% after opening lower.

Australia's S&P/ASX 200 seesawed between small gains and losses. It last traded 0.1% lower. On Thursday, the index tumbled 2.9%.

Japan's Nikkei (N225) was 0.1% higher after a lower open. South Korea's Kospi (KOSPI)declined 0.8% as it reopened Friday, following Thursday's public holiday.

On Thursday, China said it would "take necessary countermeasures" after the United States announced earlier this month a new 10% tariff on $300 billion in Chinese goods. But a spokeswoman from the foreign ministry later calmed investor fears saying China remains hopeful for an eventual trade deal.

Here are some other big moves and talking points at 10:30 a.m. Hong Kong time:

Investors are awaiting further clues about China's economic conditions. The country's top economic planner is holding a press conference, according to the National Development and Reform Commission.
Tencent (TCEHY), the Chinese social media and gaming giant, continued to fall after it warned of challenges ahead for its business. It was last down 0.8%.
Ping An Insurance (PIAIF), China's largest insurer, climbed 2.1% in Hong Kong after it posted a 68% surge in its first-half net profit. Its Shanghai-traded stock also gained 1.7%.
Tsingtao Brewery (TSGTF), China's second largest beer maker, soared 9% in Shanghai, after its net profit increased more than 25% for the first half of the year. The Hong Kong-traded shares jumped 8%. Its bigger rival China Resources Beer (CRHKY) also surged 7% in Hong Kong.
On Thursday, the Dow (INDU) rose about 100 points, or 0.4%, recouping some of the heavy losses in the previous session. The S&P 500 (INX) ended 0.25% higher. But the Nasdaq (COMP), with its many tech companies, dipped 0.1%.
Alibaba (BABA), the Chinese online retailing giant, jumped 3% on Wall Street after it reported sales that beat market estimates. Its revenue surged 42% in the latest quarter.