Asian markets were mostly lower in early trading Wednesday, after recession worries led to losses on Wall Street.
President Donald Trump on Tuesday admitted that tariffs against Chinese goods may cause economic pain in the U.S., but said his hard line is necessary and will be worth it in the long run. “It’s about time, whether it’s good for our country or bad for our country short-term,” Trump said, adding that he didn’t think the nation was at risk of recession.
Japan’s Nikkei
fell 0.3% while Hong Kong’s Hang Seng Index
gave up early gains and was last down 0.3%. The Shanghai Composite
also slid from session highs, and was last off 0.1%, while the smaller-cap Shenzhen Composite
declined about 0.3%. South Korea’s Kospi
rose 0.2%, and benchmark indexes in Taiwan
, Singapore
, Malaysia
and Indonesia
were mixed. Australia’s S&P/ASX 200
slipped 1%.
Among individual stocks, SoftBank
and Mazda Motor
fell in Tokyo trading, while Fast Retailing
rose. In Hong Kong, CSPC Pharmaceutical
gained while Geely Automobile
and Sunny Optical
fell. Kia Motors
advanced in South Korea, while Foxconn
gained in Taiwan. Mining giants BHP
and Rio Tinto
fell in Australia, and banking stocks, led by Westpac
, slid.