BEIJING — Asian stocks were mixed Monday after Washington and Beijing escalated their trade war with new tariff hikes.Markets reacted less strongly to the weekend tariff hikes on billions of dollars of goods than to previous increases. Investors are hoping for progress in talks this month, but analysts warn the fight over trade and technology is unlikely to be quickly resolved.
Seoul’s Kospi was flat at 1,967.76 and Sydney’s S&P-ASX 200 retreated 0.4% to 6,579.20. New Zealand and Taiwan gained while Southeast Asia markets retreated. The United States is pressing China to narrow its trade surplus and roll back plans for government-led creation of global competitors in robotics and other industries. Its trading partners say those violate its free-trade obligations and are based on stealing or pressuring companies to hand over technology.
On Wall Street, stocks ended little changed Friday after a listless day of trading ahead of a holiday weekend.Financial, industrial and health care stocks were among the big winners. Those sectors outweighed losses in consumer goods makers and communication services stocks. Shares in companies that rely on consumer spending also fell.
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