Asian markets mostly down as China-US tariffs kick in

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Washington's latest levies on imports from China took effect on Sunday and were followed later by Beijing's retaliation.

Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month.

The measures are the latest in the long-running trade war between the world's top two economies, which has rattled markets and hit growth across the globe. But Shanghai rose more than one percent after a better-than-expected reading on Chinese factory activity, though another index showed the sector remained in contraction and investors remain uncertain about the outlook as the trade war bites deeper. There were also gains in Seoul, Wellington and Taipei.Hong Kong sank 0.

"The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins." "On the surface, while it is not likely a significant divergence, it's the messaging that Russia is sending that spooks markets. While it could be little more than a tempest in an oil can at this stage, it's worth monitoring nonetheless."

Source: Financial Digest (financialdigest.net)

 

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