China, HK shares close up as Beijing's efforts to curb price wars lift sentiment
China's blue-chip CSI300 Index closed up 0.8%, while the Shanghai Composite Index gained 0.7%. Hong Kong's benchmark Hang Seng was up 1.1%.
Market reaction in Asia was rather muted after Trump on Monday began telling trade partners - from powerhouse suppliers like Japan and South Korea to minor players - that sharply higher US tariffs will start August 1, marking a new phase in the trade war he launched earlier this year.
China's top leaders pledged last week to step up regulation of aggressive price-cutting by Chinese companies, as the world's second-biggest economy struggles to shake off persistent deflationary pressures.
Shares of solar manufacturers led gains onshore, with Tongwei up 10%, after China's industry ministry pledged to curb disorderly low-price competition in the photovoltaic industry.
Deeper policy efforts to curb excessive competition are expected to help rebalance industrial supply and demand, support a rebound in producer prices, and improve long-term earnings expectations for A-shares, analysts at Huaxi Securities said in a note.
Semiconductor shares also rose, up 1.2%, as a slew of companies posted upbeat profit alerts.
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