Asian Shares Decline After Weak US Data

(RTTNews) - Asian stocks ended mostly lower on Monday as weak U.S. economic data rekindled growth worries and U.S. President Donald Trump reiterated that his administration would impose reciprocal tariffs "soon" on countries like India and China.

Also weighing on markets, researchers in China said they discovered a new coronavirus in bats that enters cells using the same gateway as the virus that causes Covid-19.

China's Shanghai Composite index slid 0.18 percent to 3,373.03 after Trump directed a top government committee to limit Chinese investment in energy, technology, and other vital U.S. industries.

Also, media reports suggested that the Trump administration has asked Mexico to levy their own duties on Chinese imports as part of their efforts to avoid possible U.S. tariffs.

On Friday, both the U.S. and China expressed 'serious concerns' over each other's policies in their first call since Trump took office.

Hong Kong's Hang Seng index slipped 0.58 percent to 23,341.61 after a choppy session. Japanese stock markets were closed in observance of the emperor's birthday. Seoul stocks ended lower, with the Kospi average falling 0.35 percent to 2,645.27.

Healthcare stocks bucked the weak trend after the discovery of a new bat virus. Sugentech, a maker of covid and influenza test kits, soared 10.7 percent, Cellid rallied 4.4 percent and Welcron climbed 3.3 percent.

Australian markets snapped a five-session losing streak, with financials and utilities pacing the gainers.

The benchmark S&P/ASX 200 edged up 0.14 percent to 8,308.20 while the broader All Ordinaries index settled 0.13 percent lower at 8,560.10. Commonwealth Bank rallied 3 percent and NAB advanced 2.3 percent.

Tech stocks tumbled, with WiseTech Global plunging more than 20 percent amid a leadership turmoil. Gold miners Evolution Mining, Gold Road Resources and Northern Star Resources all fell around 2 percent while Newmont and Resolute Mining plummeted 5-6 percent.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 1.73 percent to 12,531.72, falling for the fifth straight session to its lowest close since early October despite data showing a rebound in retail spending in the final three months of 2024.

U.S. stocks fell sharply on Friday and posted steep weekly losses on economic concerns as economic data showed U.S. business activity decelerating, inflation expectations surging and consumer sentiment deteriorating,

The Dow plunged 1.7 percent to its lowest closing level in a month, while the tech-heavy Nasdaq Composite lost 2.2 percent and the S&P 500 shed 1.7 percent.