AFP, Hong Kong :
Asian stocks were largely flat Monday, as US President Donald Trump lashed out at “unfair” trade practices and China’s central bank chief condemned excessive debt.
The twin warnings cancelled out positive leads from commodity and share markets-after Wall Street set new records Friday-and a weaker yen.
Trump began his marathon Asia tour in earnest Monday by criticising trade relationships with Tokyo and Beijing, saying that close ally Japan had been “winning” for decades at the expense of the United States, and calling commerce with China “very unfair”.
In particular, Trump’s criticism of a “massive trade deficit” that “has to come down” prompted concern among Asian exporters.
Markets were already nervous over the prospect of an escalation in rhetoric-or even further missile and nuclear tests-from North Korea during the US president’s Asian tour.
Speaking in Japan, Trump called the North’s missile programme “a threat to the civilised world and international peace and stability”, warning: “The era of strategic patience is over.”
Trump is due to visit South Korea from Tuesday to Wednesday.
Hong Kong shares recovered from steep morning losses to trade up 0.1 percent in the afternoon session. Seoul lost 0.3 percent, following massive selling by institutional investors.
Shanghai stocks shrugged off warnings by China’s central bank governor Zhou Xiaochuan about “hidden, complex, sudden, contagious and hazardous” threats to the economy from excessive leveraging.
Zhou’s article, run on the People’s Bank of China website Saturday, signalled that tight government regulation on debt is unlikely to ease up now the key Communist Party congress has ended, analysts said.
Asian stocks were largely flat Monday, as US President Donald Trump lashed out at “unfair” trade practices and China’s central bank chief condemned excessive debt.
The twin warnings cancelled out positive leads from commodity and share markets-after Wall Street set new records Friday-and a weaker yen.
Trump began his marathon Asia tour in earnest Monday by criticising trade relationships with Tokyo and Beijing, saying that close ally Japan had been “winning” for decades at the expense of the United States, and calling commerce with China “very unfair”.
In particular, Trump’s criticism of a “massive trade deficit” that “has to come down” prompted concern among Asian exporters.
Markets were already nervous over the prospect of an escalation in rhetoric-or even further missile and nuclear tests-from North Korea during the US president’s Asian tour.
Speaking in Japan, Trump called the North’s missile programme “a threat to the civilised world and international peace and stability”, warning: “The era of strategic patience is over.”
Trump is due to visit South Korea from Tuesday to Wednesday.
Hong Kong shares recovered from steep morning losses to trade up 0.1 percent in the afternoon session. Seoul lost 0.3 percent, following massive selling by institutional investors.
Shanghai stocks shrugged off warnings by China’s central bank governor Zhou Xiaochuan about “hidden, complex, sudden, contagious and hazardous” threats to the economy from excessive leveraging.
Zhou’s article, run on the People’s Bank of China website Saturday, signalled that tight government regulation on debt is unlikely to ease up now the key Communist Party congress has ended, analysts said.
