The threat of new U.S. tariffs renders the recently announced trade framework worthless, after Donald Trump signaled his intentions of unilateral tariffs.
U.S.-China trade negotiators signaled a framework agreement that could lead to higher tariff levels by the end of the first week in August. However, the vague nature of an agreement raised the prospect of prolonged trade tensions.
Three new companies listed their shares on the Hong Kong Stock Exchange and raised a total of HK $630 million. Residential property developers advanced as Chinese authorities looked to provide an alternative to mortgages issued by banks.
Japan's GDP growth was revised to flat from a contraction of 0.2% in the preliminary estimate because of a slight upward revision in private consumption.
Weak consumer demand and the protracted property market slump extended consumer price deflation for the fourth month in May. China's trade surplus widened, as exports rose at a faster pace than imports despite simmering tensions with the U.S.
China stocks lacked direction amid ongoing trade tensions after the call between the leaders of the two largest economies failed to resolve the trade negotiation impasse.
China's service sector expansion accelerated in May, reassuring investors that the world's second-largest economy is on track to meet its annual growth target.
Japan's indexes advanced after falling in previous three sessions, tracking the gains in overnight trading in New York. Japan's service sector growth in May was revised lower amid tariff uncertainties.
Trade tension de-escalation hopes drove market indexes higher in China and Hong Kong. Global investors pile into Chinese stocks amid shifting views about U.S. assets.
The Hang Seng index turned sharply lower after the U.S. president reignited trade tensions with China and the European Union. Macau-based casino operators advanced following a surge in record revenue during the Dragon Boat Festival holiday.
