Asia report: Most markets lower amid renewed China concerns

Most markets in Asia finished lower on Tuesday, with US-China trade tensions and worries about China’s slowing economy continuing to play on investor minds.

In Japan, the Nikkei 225 eked out gains of 0.08% to close at 20,664.64, as the yen weakened 0.13% against the dollar to last trade at JPY 109.49.

The broader Topix was up 0.1% in Tokyo, to end the day at 1,557.09.

Technology conglomerate SoftBank Group, which was the big loser on Monday, managed to help lift the market as its rebounded 1.54%.

On the mainland, the Shanghai Composite slipped 0.1% to 2,594.25, and the smaller, technology-heavy Shenzhen Composite slid 1.11% to 1,300.34.

South Korea’s Kospi was 0.28% firmer at 2,183.36, while the Hang Seng Index in Hong Kong was down 0.16% at 27,531.68.

The ongoing trade war between Beijing and Washington took a fresh turn overnight, as the US Department of Justice filed for the extradition of Huawei chief financial officer Meng Wanzhou, after her arrest in Canada in December.

Huawei was also in the firing line of separate charges from the DoJ, alleging the Chinese telecoms technology giant stole trade secrets from the US arm of German mobile group T-Mobile.

“Huawei and its senior executives repeatedly refused to respect US law,” said FBI director Christopher Wray, adding that the firm “systematically sought” to steal trade secrets.

Oil prices were higher as the region went to bed, with Brent crude last up 1.04% at $60.56 per barrel, and West Texas Intermediate rising 0.9% to $52.46.

In Australia, the S&P/ASX 200 lost 0.53% to finish its session at 5,874.20, as the hefty financials subindex fell 1.67%.

Of the big four banks, Australia and New Zealand Banking Group lost 2.33%, Commonwealth Bank of Australia was off 1.64%, National Australia Bank slid 1.94%, and Westpac Banking Corporation was 2.28% weaker.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was down 1.2% at 9,006.38, led lower by medical device manufacturer Fisher & Paykel Healthcare, which lost 3.79%.

The down under dollars were a mixed picture against the greenback, with the Aussie last 0.06% weaker at AUD 1.3965, and the Kiwi strengthening 0.15% to NZD 1.4618.