Asia markets were largely negative on Tuesday, as ties between the U.S. and China appeared to have taken a turn for the worse.
In Japan, the Nikkei 225 nosed ahead 24.86 points, or 0.1%, to 24,270.62. The Japanese yen saw gains in the afternoon at 113.73 against the U.S. dollar
In Hong Kong, the Hang Seng index returned from a long weekend to founder 662.14 points, or 2.4%, to 27,126.38
On Tuesday morning, South Korea's Finance Minister Kim Dong-yeon warned that the country could see annual employment losses for the month of September, after the jobless rate hit an eight-year high in August.
Australian markets were the worse off Tuesday, on word the Australian Competition and Consumer Commission said an inquiry into price competition among suppliers of foreign currency conversion services had been opened. It said it would be "examining why major companies in Australia, including the Big Four banks, seem to be able to consistently charge high prices."
Following the announcement, shares of the country's major banks closed lower. Australia and New Zealand Banking Group slipped by 0.9%, while Commonwealth Bank of Australia dropped by 1.2%. National Australia Bank also declined by 0.7% and Westpac Banking Corp fell by 1%
On Tuesday afternoon. the Reserve Bank of Australia announced that it was going to continue keeping the cash rate unchanged at 1.5%, continuing a more than two-year streak.
The Australian dollar slipped to $0.7197 U.S.
Markets in Shanghai remained closed for holiday
Meanwhile, White House economic advisor Larry Kudlow said in an interview on Monday that a trade deal with China is not "imminent." Kudlow also said U.S. President Donald Trump was not satisfied with the current progress of trade talks between Washington and Beijing.
Trade tensions between the U.S. and China appear to have spilled over into other aspects of their bilateral ties, with the Pentagon canceling Defense Secretary James Mattis' visit to China later in October.
In other markets
In Singapore, the Straits Times STI index dropped 12.81 points, or 0.4%, to 3,242.64
The Kospi faded 29.31 points, or 1.3%, to 2,309.57
In Taiwan, the Taiex index slumped 132.17 points, or 1.2%, to 10,919.63
In New Zealand, the NZX 50 slid 0.68 points to 9,326.59
In Australia, the ASX 200 slumbered 46.04 points, or 0.8%, to 6,126.22
