Asian markets were mostly lower in early trading Monday, as global trade tensions showed no signs of easing.

On Sunday, the White House said President Donald Trump was “deadly serious” about imposing punitive tariffs against all imports from Mexico unless the stream of migrants crossing the border was significantly slowed. Meanwhile, China blamed the U.S. for the breakdown in trade talks, and said it won’t back down, although it left the door open for further negotiations with the U.S.

On Monday, the private Caixin gauge found China’s factory activity was flat in May, though still in expansion territory, contrary to previous data that indicated cooling manufacturing activity.

Japan’s Nikkei fell 1.2%

NIK, -1.23%

  and the Hong Kong’s Hang Seng Index

HSI, -0.26%

  retreated 0.4%. The Shanghai Composite

SHCOMP, -0.22%

  slipped 0.7% while South Korea’s Kospi

180721, +1.08%

  rose 0.6%. Benchmark indexes were down in Taiwan

Y9999, -0.05%

  and Singapore

STI, -0.26%

 , and Australia’s S&P/ASX 200

XJO, -1.06%

  fell 0.9%.

Among individual stocks, SoftBank Group

9984, -5.73%

  fell in Tokyo trading after the Wall Street Journal reported money managers have been cool to its bid to start a new $100 mega fund. Nippon Steel

5401, -1.16%

  and Toyota

7203, -1.08%

  also dropped. In Hong Kong, China Mobile

941, +3.36%

  gained while casino operator Sands China

1928, -5.07%

  and property developer Country Garden

2007, -2.26%

  slipped. Samsung

005930, +3.18%

  and LG Electronics

066570, +2.93%

  surged in South Korea. In Australia, BHP

BHP, -2.60%

 , Rio Tinto

RIO, -3.15%

  and Beach Energy

BPT, -3.86%


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