Asia Lower After Trump-Kim Meeting Cancelled

Asian markets closed slightly lower on Friday following overnight news that U.S. President Donald Trump canceled a scheduled summit with Kim Jong Un.

In Japan, the Nikkei 225 regained 13.78 points, or 0.1%, to 22,450.79. Airline stocks were buoyed after the fall in oil prices overnight.

Despite those slight gains, the Nikkei still finished the week down by more than 2%. The U.S. dollar firmed against the Japanese yen after sliding overnight, last trading at 109.42

In Hong Kong, the Hang Seng Index dumped 172.37 points, or 0.6%, to 30,588.04, as energy and tech sector stocks moved lower.

Korean stocks moved forward, with gains in tech heavyweights failing to give the overall index a boost as steelmakers and financials took a hit.

South Korean and Japanese automaker traded mostly lower, extending Thursday's declines after the U.S. Department of Commerce said it had started an investigation into automobile imports on a "national security" basis. U.S. Commerce Secretary Wilbur Ross told the media on Thursday that "economic security is military security."

On Friday, Toyota Motor declined 1.3% Honda Motor was lower by 0.9% and in Seoul, Hyundai Motor slipped 0.7%, and Kia Motors shed 1.4%.

Markets in the region had closed mostly lower in the last session following that announcement.

In individual movers, shares of Samsonite fell 13.2% in Hong Kong after the luggage maker said allegations in a recent short seller report were "one-sided and misleading." Blue Orca Capital, which issued the report, had accused Samsonite of having questionable accounting practices.

Lenovo Group, meanwhile, was up 6.7% after the PC maker announced fourth-quarter revenues rose 11% on year, full-year revenue coming in at a three-year high. The company also recorded at $189-million U.S. loss for the fourth quarter, which was larger than the $161.3-million average

Over in Australia, markets declined slightly, with the energy and materials sub-indexes contributing to losses.

The moves lower came after Trump canceled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on June 12. Trump said participating in the summit would be "inappropriate" given the "tremendous anger and open hostility" displayed by North Korea, which had reportedly suspended direct communication with the U.S. this week.

But following Trump's announcement on the cancellation, North Korea said it was willing to resolve issues with the U.S., the country's state-run KCNA reported on Friday.

In other markets

In Shanghai, the CSI 300 dipped 10.72 points, or 0.3%, to 3,816.50

In Korea, the Kospi index lost 5.21 points, or 0.2%, to 2,460.80

In Singapore, the Straits Times Index fell 15.69 points, or 0.4%, to 3,513.23

In Taiwan, the Taiex Index advanced 5.37 points, or 0.1%, to 10,942.30

In New Zealand, the NZX 50 gained 47.63 points, or 0.6%, to 8,638.40

In Australia, the ASX 200 backtracked 4.26 points, or 0.1%, to 6,032.82