Silk Road: 3rd Sept in Asia

Asian steps into September low on Monday morning, as further escalation trade-war created more fear as Canada had missed a deadline deal on Friday with the U.S. As the U.S market will be closed on Labour Day, S&P 500 futures ESU8, +0.06%   were up 0.15%.

The land of the rising sun Japan saw Nikkei NIK, -0.70%   eased 0.4% even with the yen USDJPY, -0.16%   little changed from Friday’s end-of-day levels in Tokyo. Steel and energy names were among the biggest laggards, with crude explorer Inpex 1605, -1.77%   and Nippon Steel & Sumitomo Metal 5401, -2.17%   both down some 1.5%. Meanwhile, Renesas Electronics 6723, -7.02%   was down 5% on news it is in the late stages of talks to possibly buy California-based Integrated Device Technology IDTI, +12.29%   for about $6 billion. Sony 6758, -1.29%   and Toyota 7203, -1.70%   also logged near-1% declines.

In China stocks have been slumping for 4 days straight, Shanghai reported that SHCOMP, -0.11%   was down 0.4% and the Shenzhen Composite 399106, -0.19%   was off 0.8%.  While Hong Kong’s Hang Seng Index HSI, -0.70%   was down 0.3%, as Tencent 0700, -2.59%   dropped an additional 2% following the Chinese government’s crackdown last week on online games.

South Korea reported Kospi SEU, -0.68%   slipped 0.5% as index heavyweights Samsung 005930, -2.06%   and Posco 005490, -2.14%   fell more than 1.5% each. While New Zealand reported NZX 50 NZ50GR, -0.60%   was off 0.5%, with Fisher & Paykel FPH, -3.90%   sliding 4.5% after the medical-device firm was slapped with a patent-infringement lawsuit, while a2 Milk ATM, +1.43%   dropped 2.1%. Australia’s ASX 200 XJO, -0.14%   tried to buck the trend, rising 0.1% amid early strength in mining and consumer stocks.

We wrap with Taiwan falling in at Y9999, -0.90%  , Singapore STI, -0.39%   and Malaysia FBMKLCI, -0.09%   were all down about 0.5%.