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Asian Equities Mixed After G7; Trump Arrives In Singapore For Kim Jong-un Summit

Asian stocks were mixed in morning trade on Monday

Investing.com – Asian stocks were mixed in morning trade on Monday as tensions over U.S. tariffs on imports from its allies intensified following a chaotic G7 summit in Canada over the weekend.

In a move that could potentially raise questions about the future of the group, U.S. president Donald Trump withdrew his endorsement of a G7 joint statement and accused Canadian Prime Minister Justin Trudeau of being "dishonest and weak".

“I have instructed our U.S. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market!,” Trump tweeted Saturday evening.

"PM Justin Trudeau of Canada acted so meek and mild during our @G7 meetings only to give a news conference after I left saying that, 'US Tariffs were kind of insulting' and he 'will not be pushed around.' Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!" the U.S. president added.

In his press conference, Trudeau said Canada would take retaliatory measures next month in response to Trump's decision to slap tariffs on steel and aluminum imports from Canada, Mexico and the European Union.

"Canadians, we're polite, we're reasonable but we also will not be pushed around," Trudeau, the host of the two-day summit in Quebec, told reporters.

Meanwhile, Trump has now arrived in Singapore ahead of his summit with his North Korea counterpart Kim Jong-un.

In Asia, Japan’s Nikkei 225 rose 0.2% by 10:10PM ET (02:10 GMT) after official data showed on Monday that the country’s core machinery order jumped 10.1% in April from the previous month, compared with median estimate for a 2.8% increase.

China’s Shanghai Composite slipped 0.2%, while the Shenzhen Component climbed 0.1%. Hong Kong’s Hang Seng Index gained 0.4%.

Looking ahead, the Federal Reserve is expected to raise interest rates on Wednesday, while the Bank of Japan June monetary policy decision and news conference are due on Friday.


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