Stocks in Asia were mixed on Monday amid increasing concerns over the state of global trade.
In Japan, the Nikkei 225 dropped 190.31 points, or 0.9%, to 20,410.88, as index heavyweight Fanuc saw its shares drop 3.3%. Japanese conglomerate Softbank Group saw its stock plunge 6.2% after the Wall Street Journal reported the company was facing challenges in raising money for its latest fund.
The Japanese yen, often seen as a safe-haven currency, traded at 108.33 against the U.S. dollar after touching levels above 109.5 in the previous trading week.
In Hong Kong, the Hang Seng eased 7.23 points to 26,893.86. Hong Kong-listed shares of HSBC dropped 1.01%, while life insurer AIA slipped 1.56%.
Korean markets made headway as shares of industry heavyweight Samsung Electronics took on 3.1%, and chipmaker SK Hynix gained 2%.
Australian markets ducked as all sectors declined. The Australian dollar changed hands at $0.6940 after dropping to levels around $0.690 last week.
CHINA
In Shanghai, the CSI 300 index eked up 2.22 points, or 0.1%, to 3,632.01
Data from a private survey on Monday showed that Chinese manufacturing activity was better than expected in May.
The Caixin/Markit factory Purchasing Managers’ Index for May was 50.2, as compared to expectations of 50 by analysts in a Reuters poll. The PMI reading for April was 50.2. PMI readings above 50 indicate expansion, while those below that signal contraction.
Last week, China’s official manufacturing PMI for May came in at 49.4, lower than the 49.9 economists polled by Reuters had forecast. It was also lower than April’s reading of 50.1. The official non-manufacturing PMI for May was 54.3 — unchanged from April.
In other markets
Markets in New Zealand were shuttered for holiday
In Korea, the Kospi index gained 26.11 points, or 1.3%, to 2,067.85
In Singapore, the Straits Times Index inched up 5.7 points, or 0.2%, to 3,123.46
In Taiwan, the Taiex Index nosed up 1.58 points to 10,500.07
In Australia, the ASK 200 faded 76.3 points, or 1.2%, to 6,320.55
