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Tokyo Core Inflation Stays Above BOJ Target, Strengthening Case for Further Rate Hikes 
Taiwan Stock Market Ends Higher as Semiconductor and Energy Shares Lead Gains 
Russian Stocks End Lower as Energy and Mining Shares Weigh on MOEX Index 
Japan Approves Record ¥122.3 Trillion Budget as Takaichi Seeks Fiscal Balance 
Oil Prices Edge Higher as Strong U.S. Growth and Supply Risks Support Market 
Chinese and Hong Kong stocks suffered steep losses on Monday as U.S.-China trade tensions intensified, sparking fears of a prolonged economic conflict. The Shanghai Shenzhen CSI 300 index fell nearly 6%, while the Shanghai Composite dropped 6%, both hitting their lowest levels since September 2024. Hong Kong’s Hang Seng Index plunged 8.8%, marking its worst day since February, with tech and export-driven stocks leading the decline.
The market sell-off followed fresh U.S. tariff hikes. President Donald Trump announced a new 34% tariff on Chinese goods, in addition to the existing 20% duties, and confirmed a 25% tariff on imported vehicles and auto parts effective April 9. In retaliation, Beijing imposed a 34% tariff on a broad range of U.S. imports, including agricultural products, energy resources, and tech components.
Global markets reacted sharply to the escalating tariff battle, which analysts say signals the beginning of a second, more severe trade war. "Earlier responses to fentanyl-related tariffs left room for negotiation, but this latest move shuts that window," ING analysts noted.
Hong Kong-listed tech giants took a major hit. Alibaba (HK:9988) shares sank 12%, while Baidu (HK:9888) dropped over 10%. Auto and semiconductor stocks also tumbled. BYD Co (HK:1211), Geely Automobile (HK:0175), Xpeng Inc (HK:9868), Semiconductor Manufacturing International Corp (HK:0981), and SAIC Motor (SS:600104) all saw declines ranging from 6% to 11%.
The latest round of tit-for-tat tariffs has heightened concerns over a deeper global trade slowdown, casting a shadow over the Asian markets and investor sentiment.
