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Hong Kong Market shuts for public holiday

Capital Market 

share market closed for trading on Monday, 13 May 2019, for a public holiday.

Most of Asian market declined on Monday, as investors remained risk adverse amid mounting concerns for the global economic outlook after hopes for a deal to end an escalating trade war between the and were dashed.

The and appeared at a deadlock over trade negotiations on Sunday as demanded promises of concrete changes to Chinese law and said it would not swallow any bitter fruit that harmed its interests.

China's to the trade talks, said before leaving that would not compromise on matters of principle and that tariffs on Chinese exports to the U. S. should be lifted as a condition for striking a deal. But Liu downplayed the level of tensions, saying could cope with the challenges posed by the trade dispute.

said on over the weekend that We are right where we want to be with China.

He accused China of ripping off The said it was preparing to expand 25% tariffs to another $300 billion worth of Chinese goods, or practically all imports from China, after raising the import duty from 10%, with effect Friday. The tariffs war has been hammering Chinese manufacturers and is an added drag on growth for the region.

With no signs of a quick solution in sight, investors continued to await Beijing's response to the higher tariffs. China has said it would adopt countermeasures, but has not yet spelled out what it will do.

Most of investors adopted a wait-and-see stance before the U. S. announced details about additional tariffs on all imports from China later Monday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 13 2019. 16:04 IST