Asian Markets Close Mostly Lower On Trade Worries
(RTTNews) - Asian markets ended mostly lower on Monday as worries about U.S.-China trade issues after the latest round of tariff hikes forced investors to largely stay away on the sidelines.
The Australian market ended modestly lower, led by losses in energy and telecom sections.
The benchmark S&P/ASX 200 ended down 0.38%, while the broader All Ordinaries index settled lower by 0.31%.
Incitec Pivot, Bendigo & Adelaide Bank, NIB Holdings, Galaxy Resources, Technology One, G8 Education and Sandfire were among the prominent losers.
Shares of Speedcast International Limited soared nearly 24%. Western Areas and Independence Group were the other big gainers in today's session, gaining more than 14% and 9.5%, respectively.
Costa Group rallied nearly 7%. Automotive, Infigen Energy, Nanosonics and Seven West Media ended stronger by 2.5 to 5%.
In Tokyo, the Japanese benchmark Nikkei 225 shed 0.41%.
DeNa Co shares plunged more than 9%. Sumitomo Dainippon, Keio Corp., Daiichi Sankyo, Takara Holdings, Mazda Motor, Yamaha Motor and Central Japan Railway declined 2 to 4%.
Among the gainers, Pacific Metals spurted 6.7%. Tokyo Dome, Astellas Pharma, Dainippon Screen Manufacturing, Olympus Corp, Sumitomo Metal Mining and Sumco Corp gained 2 to 3.4%.
The Hong Kong Market also ended weak, with its key index Hang Seng going down by about 0.38%. Shanghai's Composite Index jumped 1.31%, rebounding from previous session's losses.
Among other markets in the Asia-Pacific region, South Korea and Taiwan ended flat. New Zealand closed on a firm note, while Indonesia settled weak. Markets in India and Malaysia were closed for a public holiday.
In economic news, China's manufacturing sector expanded in August indicating strongest growth since March, survey data from IHS Markit showed Monday.
The Caixin factory Purchasing Managers' Index rose to 50.4 in August from 49.9 in July.
Production grew at the fastest pace in five months but total new orders received was broadly stable.
In news from Japan, the capital investment of Japanese firms increased in the second quarter despite the Sino-U.S. trade war but companies reported a notable fall in profits compared to last year.
The manufacturing sector logged one of the strongest contraction seen over the past three years in August as output and orders continued to decline, while employment was the only positive indicator, according to survey data from IHS Markit released Monday.
The Ministry of Finance said that overall investment in plant and machinery by companies grew 1.9% in the second quarter, faster than the forecast of 1.7%.
On the trade front, A new round of tariffs by the U.S. and China took effect over the weekend. U.S. tariffs on about $112 billion worth of Chinese imports went into effect on Sunday, while China started to impose retaliatory tariffs on some of the $75 billion worth of U.S. goods it has targeted.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.