Investors had previously expected a potential cooling of US-China trade tensions as the two sides lined up for talks. But the sudden change in the trip dampened investors' hope for a breakthrough in the negotiations.
Earlier in the day, President Donald Trump had said that the United States was looking for a "complete agreement" with China and not a partial agreement.
The office of the US Trade Representative on Friday sent a brief statement, calling the meeting "productive." China's state-run Xinhua News Agency also said Saturday the discussions were "constructive." But none of the pages elaborated on the conversations.
"The market reacted quite negatively when Chinese trade representatives were believed to have received their March orders from Beijing an hour after President Donald Trump said he was not interested in " a partial deal, "" [1
"Trade tensions have given many twists and turns so far, with ceasefire giving way to halting progress and subsequent escalation," Ahya wrote in a report on Monday.
Investors are looking forward to the Eurozone's Purchasing Leaders Index readings later in the day.
Here are some talking points in Asian markets at 1:00 pm. Hong Kong Time:
- Shares of Hong Kong Exchanges & Clearing fell 2.5% in Hong Kong. The stock chief operating officer Charles Li said on Saturday at a business forum in China that the company would continue to try to buy the London Stock Exchange according to Chinese state media. LSE rejected HKEX's original bid of $ 37 billion earlier this month.
- Shares in Chinese conglomerate Fosun ( International fell on Monday following the collapse of British tour operator Thomas Cook. Fosun is the UK's largest shareholder. Shares in Fosun International fell 1% in Hong Kong, while its subsidiary Fosun Tourism was down more than 5%. )
- Beijing-based UTour Group dropped 5.4% in China after a deadly Utah bus crash killed four Chinese tourists and injured 22 people. The company is the parent of the tour service group that arranged the trip.
- Alibaba Group's subsidies contributed to the weak market development and pulled higher in Hong Kong after the company's annual global investor conference started on Monday in Hangzhou, China. Daniel Zhang, the company's new chairman who has succeeded founder Jack Ma, reiterated Alibaba's goal of raising total e-commerce platform sales to $ 1.4 trillion over the next five years. Alibaba Health Information Technology rose 1.4%. Alibaba Pictures Group received 1.5%.