HK stocks open down amid wary wait for markets
HK stocks open down amid wary wait for markets
Mainland markets are closed on Monday, while Hong Kong stocks opened down over 1 percent. File photo: RTHK
Asian share markets made a wary start to the week on Monday as investors navigated the shifting sands of White House tariff policy, while awaiting key US jobs data and a widely expected cut in European interest rates.
There was little obvious reaction to US President Donald Trump's threat late on Friday to double tariffs on imported steel and aluminium to 50 percent, beginning on June 4, a sudden twist that drew the ire of European Union negotiators.
In Hong Kong, the Hang Seng Index dipped 246 points, or 1.06 percent, to open for the week at 23,043.
Mainland markets are closed due to the Tuen Ng Festival.
Markets will be particularly interested to see if Trump goes ahead with the 50 percent tariff on Wednesday or backs off as he has done so often before.
In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat.
Japan's Nikkei fell 1.1 percent while South Korean stocks dipped 0.1 percent.
Australian shares had a subdued start, as losses in banks and energy companies countered gains in gold stocks, while building materials maker Brickworks emerged as the top gainer after its merger deal with shareholder Soul Patts.
The S&P/ASX 200 index eased 0.1 percent to 8,430.20 near the lunch hour. The benchmark had ended May 3.5 percent higher on Friday. (Reuters/Xinhua)
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