Investing.com - Asian equities traded mostly lower in afternoon trade on Monday as financial leaders warned trade disputes between U.S. and its trade partners were hurting the global economic outlook.
In the annual International Monetary Fund (IMF) meeting that concluded in Bali over the weekend, Brazil’s central bank President Ilan Goldfajn and Bank for International Settlements General Manager Agustin Carstens pinpointed global trade tensions as one of the biggest threats to emerging economies.
Meanwhile, People’s Bank of China Governor Yi Gang said he wanted to have a constructive solution to the dispute, and that China is “preparing for the worst”.
In Asia, China’s Shanghai Composite and the SZSE Composite both traded 1.0% lower by 1:45AM ET (05:45 GMT). Hong Kong’s Hang Seng Index fell 1.5%.
China’s Ministry of Commerce said on Monday that the country will impose anti-dumping tariffs on imports of hydroiodic acid from the U.S. and Japan starting from Oct. 16.
The tariffs will will last for five years, the ministry said.
Separately, U.S. President Donald Trump said in an interview CBS that aired on Saturday that he was considering imposing more tariffs on China.
“I want them to negotiate a fair deal with us. I want them to open their markets like our markets are open,” said Trump.
Elsewhere, Japan’s Nikkei 225 was down 1.9% as Softbank Corp. (T:9984) slumped more than 5% earlier in the day over concerns of the company’s ties to Saudi Arabia, which was under pressure on fears of sanctions following the disappearance of Jamal Khashoggi, a prominent journalist and former Saudi government adviser who was a critic of the administration.
Down under, Australia’s ASX 200 dropped 0.9%.
Commonwealth Bank Of Australia (AX:CBA) announced that it is naming Alan Docherty as chief financial officer of the company after its previous CFO unexpectedly left the firm in May.
South Korea’s KOSPI dipped 1.5%.
Looking ahead, the Federal Open Market Committee will release minutes from its most recent policy meeting on Wednesday. Chinese inflation figures are due Tuesday while the third-quarter GDP, industrial production, retail sales are expected to take centre stage on Friday.