Asia report: Most markets lower as US prepares fresh tariffs

Most markets in Asia ended in negative territory on Monday, after reports emerged over the weekend that the US could implement its latest round of punitive tariffs on more than $200bn of Chinese imports sometime this week.

In Japan, the Nikkei 225 was ahead 1.2% at 23,094.67, as the yen weakened 0.02% against the dollar to last trade at JPY 112.08.

On the mainland, the Shanghai Composite was 1.11% lower at 2,651.79, and the smaller, technology-heavy Shenzhen Composite was down 1.54% at 1,380.98.

South Korea’s Kospi was 0.66% weaker at 2,303.01, while the Hang Seng Index in Hong Kong was behind 1.3% at 23,094.67.

The blue-chip technology stocks were among the big losers in Seoul, with Samsung Electronics falling 1.53% by the close.

In Hong Kong, casino stocks began to recover, having fallen earlier in the day after casinos in Macau were forced to curtail trading over the weekend at the behest of Typhoon Mangkhut.

Macau’s gambling houses were reportedly back open on Monday, though there were apparently ongoing problems with electricity supply across the special administrative region.

Market watchers were once again forced to turn their focus to the ongoing trade war between Washington and Beijing, after reports from US media that the Trump administration was going to implement its latest round of tariffs on more than $200bn of Chinese goods before the next trade talks with the People’s Republic.

According to the Wall Street Journal, however, the charges would be 10% as opposed to the previously-suggested 25%.

News later on Sunday suggested Beijing was considering pulling out of the planned talks, should the White House press on with the fresh tariffs.

Oil prices were higher, with Brent crude last up 0.69% at $78.63 per barrel, and West Texas Intermediate rising 0.83% to $69.57.

In Australia, the S&P/ASX 200 managed gains of 0.32% to 6,185.00, with the hefty financials subindex rising 0.62%.

National Australia Bank - one of the so-called ‘big four’ banks in the Australasian region - rose 0.77% after it announced one of its consumer bank bosses was departing.

The healthcare sector was not in a good place, however, falling 0.89% after the federal government in Australia announced the launch of a commission of inquiry into the aged care sector.

On that subindex, Estia Health was down 18.64%, Japara Healthcare was 17.01% lower, and Regis Healthcare slid 17.13%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was up 0.77% at 9,271.53, led higher by payment technology firm Pushpay, which was 2.7% higher.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.49% at AUD 1.3924, and the Kiwi advancing 0.49% to NZD 1.5202.