Asian markets mostly fell in early trading Thursday after President Donald Trump signed an order that would ban telecom equipment from countries considered “foreign adversaries,” in a move apparently targeted at China’s Huawei Technologies.
While the executive order it doesn’t name specific countries or companies, it follows months of U.S. pressure on Huawei, the world’s biggest supplier of network gear. A ban would also affect China-based ZTE Corp.
, which saw its stock tumble in Hong Kong trading.
On Wednesday, Treasury Secretary Steve Mnuchin said he expects to travel to Beijing to resume trade talks “at some point in the near future.” Mnuchin said talks with China have been “constructive” but there is “still a lot of work to do.”
sank 0.8%, and Hong Kong’s Hang Seng Index
slipped 0.1%. The Shanghai Composite
was about flat, while the smaller-cap Shenzhen Composite
rose slightly. South Korea’s Kospi
fell 0.5%. Taiwan’s Taiex
dipped 0.1%, while benchmark indexes in Singapore
were mixed. Australia’s S&P/ASX 200
was the region’s standout, rising 0.2%.
Among individual stocks, Toyota
fell in Tokyo trading despite reports that Trump will postpone tariffs on auto imports. Hyundai
and Kia Motors
gained in South Korea, though, while tech giant Samsung
fell. In Hong Kong, tech companies such as Sunny Optical
slid. Beach Energy
advanced while Westpac Banking
fell in Australia.
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