By Dow Jones Newswire
Asian stock markets started September lower on Monday, as trade-war fears increased after the U.S. and Canada missed a deal deadline set for Friday and uncertainty rose about escalating tariffs between the U.S. and China.
U.S. markets will be closed for the Labor Day holiday, but S&P 500 futures were up about 0.3%.
Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +1.32% closed down 0.7% even with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0171% little changed from Friday’s end-of-day levels in Tokyo. Steel and energy names were among the biggest laggards, with crude explorer Inpex /zigman2/quotes/206689846/delayed JP:1605 +0.82% and Nippon Steel & Sumitomo Metal /zigman2/quotes/209782682/delayed JP:5401 +2.98% both down more than 1%. Meanwhile, Renesas Electronics /zigman2/quotes/203872935/delayed JP:6723 +2.53% tumbled 6.4% following news it is in the late stages of talks to possibly buy California-based Integrated Device Technology Inc. for about $6 billion. Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +0.98% and Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 +2.10% also logged declines of more than 1%.
Chinese stocks, already hit last week, continued to slump. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.06% finished down 0.2%, and the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -0.75% was also off 0.2%. Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.04% shed 0.6%, as Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 +0.50% dropped an additional 2.1% following the Chinese government’s crackdown last week on online games.
South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.29% slipped 0.7% as index heavyweights Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 +1.14% and Posco /zigman2/quotes/201759282/delayed KR:005490 +1.04% fell more than 2% each.
New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.52% ended off 0.6%, with Fisher & Paykel /zigman2/quotes/205747631/delayed NZ:FPH +0.03% sliding 3.9% after the medical-device firm was slapped with a patent-infringement lawsuit. Australia’s ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.21% finished lower by 0.1%.