Asian markets dip as U.S., China tariffs set to take effect

Asian stock markets were mostly down in early Friday trading, as the U.S. and China were both poised to impose tariffs on $34 billion of each others imports.

After starting higher, Chinese stocks fell as the day went on. The Shanhgai Composite
SHCOMP, -0.76%
and the Shenzhen Composite
399106, -0.58%
both slipped as the U.S. and China were set to start putting new tariffs into place, which has helped sour equities sentiment and send Chinese stocks to multiyear lows of late.

Hong Kong stocks gave up early gains as well, with the Hang Seng
HSI, -0.51%
weighed down by losses from Tencent
0700, -0.93%
and AIA
1299, -0.82%
.

Japans Nikkei
NIK, +0.67%
opened solidly, even as the yen
USDJPY, +0.04%
was little moved. The index has been weak of late, falling eight of the past 10 sessions. Auto makers started the day well, rising some 1%. Toyota
7203, +1.71%
and Honda
7267, +1.70%
were each up more than 1.5%.

Koreas Kospi
SEU, -0.32%
lost early gains, as Samsung
005930, -2.50%
dropped 2% after forecasting weaker-than-expected second-quarter results.

Australias benchmark
XJO, +0.56%
, which had fallen in seven of nine days before yesterdays region-leading gains, rose further despite an overnight drop in oil prices. Fellow Thursday star New Zealand
NZ50GR, -0.09%
, whose index spiked at the close to a record high, eased slightly.

Indexes in Singapore
STI, -2.08%
and Taiwan
Y9999, -0.76%
were also down.

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