AFP, Hong Kong :
Fears of a trade war between the world’s top two economies weighed on Asian stocks Wednesday, with several major markets closing in the red despite a recovery on Wall Street.
Markets in Japan and Australia clung on to marginal gains but China, Hong Kong and South Korea dipped into the red, delivering a mixed picture across the region.
Tokyo opened strongly but stocks sank throughout the trading day, finishing only 0.13 percent up at 21,319.55. The broader Topix index closed with similar gains.
The Japanese market was helped by an earlier bounce in US stocks and a weaker yen which helps exporters, said Hikaru Sato, senior technical analyst at Daiwa Securities.
The dollar was trading at 106.56 yen against 106.60 yen in New York on Tuesday, rising from levels below 106 seen a day earlier.
“But buying remained limited as investors are still concerned about several uncertain elements, including a US-led trade war,” Sato told AFP.
The United States has published a list of Chinese imports worth around $50 billion that could be targeted by tariffs-a significant escalation in the confrontation with Beijing.
China responded sharply, saying it was ready to retaliate against what it described as a “unilateralistic and protectionist” move that serves neither country’s interests.
The prospect of a trade war between the US and China “continues to cast a dark shadow over global capital markets”, warned Stephen Innes, an analyst at OANDA.
Fears of a trade war between the world’s top two economies weighed on Asian stocks Wednesday, with several major markets closing in the red despite a recovery on Wall Street.
Markets in Japan and Australia clung on to marginal gains but China, Hong Kong and South Korea dipped into the red, delivering a mixed picture across the region.
Tokyo opened strongly but stocks sank throughout the trading day, finishing only 0.13 percent up at 21,319.55. The broader Topix index closed with similar gains.
The Japanese market was helped by an earlier bounce in US stocks and a weaker yen which helps exporters, said Hikaru Sato, senior technical analyst at Daiwa Securities.
The dollar was trading at 106.56 yen against 106.60 yen in New York on Tuesday, rising from levels below 106 seen a day earlier.
“But buying remained limited as investors are still concerned about several uncertain elements, including a US-led trade war,” Sato told AFP.
The United States has published a list of Chinese imports worth around $50 billion that could be targeted by tariffs-a significant escalation in the confrontation with Beijing.
China responded sharply, saying it was ready to retaliate against what it described as a “unilateralistic and protectionist” move that serves neither country’s interests.
The prospect of a trade war between the US and China “continues to cast a dark shadow over global capital markets”, warned Stephen Innes, an analyst at OANDA.
