Most of the Asian markets are trading in red in early deals on Monday after surveys showed deterioration in the outlook for Chinese manufacturing ahead of the expected imposition of higher tariffs by Beijing and Washington starting Friday. Japan also reported weaker data. US attempts to gain an upper hand in trade have also triggered retaliatory measures from the European Union and most recently, Canada. Japan’s Nikkei share average edged lower after a central bank survey showed manufacturers’ confidence worsening amid trade tensions with Washington, although some firms found support on yen expectations. Meanwhile, Chinese stocks is lower following data showing a drop in Chinese factory activity and ahead of the expected imposition of US tariffs later in the week. Among the other Asian markets, Singapore, Taiwan, South Korea, and Malaysia are lower. Bucking the trend, Indonesia is higher. The markets in Hong Kong are closed for SAR Day holiday.
Nikkei 225 dipped 298.07 points or 1.35% to 22,006.44, Straits Times dropped 21.16 points or 0.65% to 3,247.54, Taiwan Weighted slipped 22.10 points or 0.20% to 10,814.81, KOSPI Index declined 36.42 points or 1.59% to 2,289.71, Shanghai Composite contracted 32.28 points or 1.15% to 2,815.14, and FTSE Bursa Malaysia KLCI down by 5.95 points or 0.35% to 1,685.55.
On the flip side, Jakarta Composite was up by 10.01 points or 0.17% to 5,809.25.
