HONG KONG — Asian stocks were mostly lower on Monday after Wall Street coasted to the close of another winning week.The release of weak Chinese lending data and news that the U.S. government plans to raise tariffs o a raft of Chinese exports were weighing on sentiment.
These tariffs, which were said to be announced on Tuesday, sparked selling of some automakers. Chinese EV maker BYD’s stock dropped 0.6% and NIO slumped 2%.Taiwan’s Taiex gained 0.6% after leading computer maker TSMC reported its revenue surged nearly 60% in April from a year earlier. India’s Sensex fel 0.9%.
Gen Digital jumped 15.3% after reporting better profit for the first three months of 2024 than analysts expected. The cyber safety company, whose brands include Norton and LifeLock, also authorized a program to buy back up to $3 billion of its stock. It joined a lengthening list of companies announcing big such programs, which helps goose per-share earnings for investors.
In the bond market, Treasury yields rose following the discouraging preliminary report from the University of Michigan.
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