Investing.com – Asian markets were mixed in morning trade on Thursday. U.S.-China trade tension continues to flare after U.S. President Donald Trump and his administration imposed sanctions on Chinese telecom giant Huawei.
China’s and the rose 0.4% and 0.2% respectively by 10:30 PM ET (02:30 GMT). Hong Kong’s edged up 0.1%.
The National Bureau of Statistics reported on Thursday that average new home prices in China’s 70 major cities rose 0.6% in April, unchanged from the pace of growth in March. It was the 48th straight month of price gains.
Japan’s fell 0.6%, while South Korea’s was down 0.4%.
Auto stocks outperformed in morning trade, with KIA Motors (KS:) and Hyundai Motor (KS:) surging as much as 5% at one point, CNBC reported citing four unnamed sources that the U.S. may delay tariffs on the sector by up to six months.
The news sent auto stocks in the U.S. higher overnight.
Sino-U.S. trade news remained in focus today.
In the latest development, Trump signed an executive order overnight that could restrict Chinese telecommunication firms Huawei and ZTE Corp (HK:). from selling their equipment in the U.S.
Shortly afterward, the Department of Commerce said it had put Huawei and 70 affiliates to its “Entity List,” a blacklist that could forbid it from doing business with American companies.
Commerce Secretary Wilbur Ross said in a statement that Trump backed the decision to “prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests.”
Trade tension between the two sides escalated after U.S. President Donald Trump and his administration unexpectedly raised levies on $200 billion worth of Chinese goods last week. Recent reports suggested that Washington might even impose levies on all remaining U.S. imports from China.
China retaliated on Monday, though on a smaller scale.
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