Asian markets logged another mostly losing session on Thursday, as investors counted down to the potential start of a new and worrying phase in a global trade spat.
The Shanghai Composite
closed down 0.9%, marking its third-straight losing session, while the tech-heavy China Shenzhen ChiNext Composite
fell 2.2%, after logging a 2.6% decline on Wednesday.
Tech stocks have been a focal point for trade volleys between the U.S. and China. A U.S. move to block China Mobile
from its market was followed by the Chinese temporarily halting Micron Technology Inc.’s
memory-chip sales in that country. U.S. markets will reopen on Thursday, a day after the Independence Day holiday, but closed out Tuesday’s session with losses, concentrated in technology stocks.
In the latest development on the trade-battle front, Chinese officials refuted media reports that the country will fire the first shots in its continuing skirmish with the U.S. The customs bureau announced Thursday that its tariffs on U.S. goods will kick in only after the Trump administration’s levies on $34 billion worth of Chinese products are implemented, a move expected to come Friday.