Asian equity markets ended in red on Monday as oil extended Friday's slump and escalating trade tensions between the US and China curbed investors' appetite for risk. Oil extended falls from late last week amid fears of a global trade war as well as expectations that major oil producers will soon start to increase supplies. After US President Donald Trump announced hefty tariffs on $50 billion worth of Chinese goods, China announced new tariffs on 545 products imported from the US. Japanese shares ended lower as fears of growing protectionism and news of a strong earthquake in Osaka and surrounding areas of western Japan overshadowed stronger-than-expected export data for May. Japanese exports climbed 8.1 percent year-on-year to 6.323 trillion yen in May, exceeding forecasts for 7.5 percent and up from 7.8 percent in the previous month, official data showed. While, imports soared an annual 14 percent to 6.901 trillion yen versus forecasts for 8 percent and up from 5.9 percent a month earlier. The markets in Taiwan, China and Hong Kong were closed for the Dragon Boat Festival and Indonesia is closed for Eid-ul-Fitr.
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