Asian Shares Mixed As Trade Fears Ebb

(RTTNews) - Asian shares ended mixed on Monday as U.S. President Donald Trump threatened to roll out 25 percent tariffs by the end of next month on smartphones made by Apple, Samsung Electronics Co. and other companies, if they are not manufactured in the U.S.

That said, underlying sentiment was underpinned somewhat due to easing trade tensions between the United States and the European Union.

Trump said he would delay imposing 50 percent tariffs on imports from the EU until July 9, backing of this threat to impose tariffs on goods from the European Union as soon as 1 June.

The U.S. dollar began the week on a tepid note and gold dropped from a two-week high hit on Friday, while oil prices were slightly higher in Asian trade after Ukraine was hit by a massive Russian drone and missile attack for the second night in a row.

China's Shanghai Composite index finished marginally lower at 3,346.84 after a choppy session.

Hong Kong's Hang Seng index fell 1.35 percent to 23,282.33, with automobile and Apple suppliers pacing the decliners.

China's yuan climbed to near a seven-month high after the country's central bank tightened the midpoint fixing.

Japanese markets rallied on trade optimism ahead of chief trade negotiator Ryosei Akazawa's visit to the U.S. for a third round of talks.

The Nikkei average climbed 1 percent to 37,531.53, extending gains for a second consecutive session. The broader Topix index settled 0.60 percent higher at 2,751.91.

Nippon Steel Corp shares jumped 2.1 percent after Trump approved the company's investment in U.S. Steel.

Seoul stocks ended sharply higher, snapping a two-day losing streak driven by gains in tech shares. The Kospi average jumped 2.02 percent to 2,644.40, marking the highest level since Feb. 24.

Market bellwether Samsung Electronics rose 0.9 percent and its rival SK Hynix added 1.5 percent.

Battery makers LG Energy Solution and Samsung SDI soared around 4 percent each, chemical firm LG Chem jumped 2.9 percent and automaker Hyundai Motor rose 1.1 percent.

Australian markets fluctuated before ending on a flat note. Banks declined, offsetting gains in the mining and IT sectors. WiseTech Global surged 4.7 percent after the software firm agreed to acquire U.S. cloud computing firm E2open for $2.1 billion.

Paladin Energy soared 8.8 percent and Boss Energy climbed 7.3 percent after Trump signed a series of executive orders to boost nuclear energy production in the United States.

Origin Energy gave up 4.9 percent after downgrading forecast for its Octopus Energy business.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dipped 0.39 percent to 12,547.22.

U.S. stocks ended firmly in the red on Friday as President Trump targeted the European Union and Apple with tariff threats.

He threatened to impose 50 percent tariffs on imports from the European Union beginning June 1st, claiming talks with the bloc are "going nowhere."

Separately, Trump warned that Apple would face a 25 percent tariff on iPhones manufactured outside the United States, sparking debate on manufacturing and job creation.

The tech-heavy Nasdaq Composite shed 1 percent, the S&P 500 dropped 0.7 percent and the Dow dipped 0.6 percent.