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5/8/2019, 7:57 AM (Source: TeleTrader)
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Asia trades mostly lower as trade war looms

Almost all major stock markets in East Asia traded with losses on Wednesday as trade tensions between the United States and China remain in focus. Chinese media reported earlier that Beijing does not intend to make any concessions in trade talks, despite US President Donald Trump's threat to put up tariffs of 25% on Friday. The uncertainty sparked a selloff on Wall Street yesterday.

Meanwhile, China reported lower-than-expected international trade surplus for April. In Japan, service sector activity rose in April, albeit at the slowest pace in three months. The country's central bank expectedly decided to keep the interest rates unchanged. Automaker Toyota reported negative financial results for the fourth fiscal quarter of 2019.

The Nikkei 225 dropped 1.81% at 7:32 am CET, while South Korea's Kospi Composite decreased 0.33% at the same time.

China's Shanghai Composite fell 0.53% at 7:51 am CET as the Shenzhen Composite added 0.08%, at 7:53 am CET. Hong Kong's Hang Seng was down 0.89% at 7:54 am CET.

Australia's S&P/ASX 200 contracted by 0.51% concurrently.

The dollar slid 0.19% against the yen at 7:55 am CET, buying ¥110.0275, lowest point since March 26.

Breaking the News / NI