Stocks in major Asia Pacific markets mostly slipped on Thursday as increasing tensions between the U.S. and China weighed on investor sentiment.
In Japan, the Nikkei 225 slipped 60.84 points, or 0.3%, to 20,942.53, as shares of index heavyweights Fast Retailing and Softbank Group declined more than 1% each.
The Japanese yen traded at 109.76 against the U.S. dollar after seeing highs around 109.2 in the previous session
In Hong Kong, the Hang Seng slumped 120.83 points, or 0.4%, to 27,114.88
Korean markets bucked the overall trend, with shares of industry heavyweight Samsung Electronics gaining 1.79%.
Australian markets were negative, as almost all the sectors declined. The Australian dollar changed hands at $0.6932 after touching an earlier low of $0.6913.
CHINA
In Shanghai, the CSI 300 index dropped 22.73 points, or 0.6%, to 3,641.18
Meanwhile, investors continue to watch for developments on the U.S.-China trade front, with Beijing making threats this week.
One economist told the media on Thursday that “the gloves are off” between the two economic powerhouses.
China recently made a veiled threat earlier this week through its state media regarding rare earth minerals, a material whose production is dominated by China and a critical component to the U.S. tech and defense industries.
Beijing’s comments came on the back of U.S. President Donald Trump’s decision to blacklist Chinese telecommunications giant Huawei, which led to many chipmakers and internet companies cutting ties with the company.
In other markets
In Korea, the Kospi index recovered 15.48 points, or 0.8%, to 2,038.50
In Singapore, the Straits Times Index fell 20.28 points, or 0.6%, to 3,143
In Taiwan, the Taiex Index hiked 81.21 points to 0.8%, to 10,382.99
In New Zealand, the NZX 50 fell 24.48 points, or 0.2%, to 10,071.98
In Australia, the ASK 200 slouched 47.9 points, or 0.7%, to 6,392.13
