Hong Kong stocks are under pressure as commercial rates come into effect; the holidays keep the rest of Asia quiet

Hong Kong shares tumbled on Monday, as trade tensions returned earlier this week for Asia, which had been blunted by the closure of several markets for the holidays.

Last week was a great success for Asia, with the Shanghai Composite

SHCOMP, + 2.50%

recording its best week in more than two years, in a rally that has spread to world markets. This progress has been led by the United States in a climate of optimism towards the economy and a calmer view of the trade situation.

But part of this optimistic momentum faded Monday, as US tariffs of $ 200 billion of Chinese products were officially launched, and China would have canceled trade negotiations scheduled in the coming days. Beijing also retaliated by imposing $ 60 billion worth of US goods. And any reaction to trade in Shanghai Composite securities

SHCOMP, + 2.50%

We should wait until the markets of China, Japan, South Korea and Taiwan are all closed for holidays.

The Hang Seng index of Hong Kong

HSI, -1.62%

down 1.3%, with financial and real estate companies being the main casualties. China Resources Land Ltd.

1109 -5.25%

fell by almost 4% and China Life Insurance Co. Ltd.

0836, -2.82%

fell more than 2%,

Elsewhere, Australia ASX 200

XJO, -0.12%

fell 0.1%, down 1.6% for Newcrest Mining Ltd.

NCM -1.57%

There have been some positives, the big oil companies having enjoyed a gain of about 2% in Brent

LCOX8, + 2.44%

and WTI prices

CLX8, + 2.06%

After a meeting of the major oil producers, the status quo was essentially maintained on world production.

See also: Oil producers say they can increase their production as needed to deal with any shortages in the global oil market

NZX 50 from New Zealand

NZ50GR, -0.41%

down 0.4%.

In the United States, stocks were preparing for a weaker session, with futures on Dow

YMZ8, -0.15%

off 66 points and S & P 500 futures

ESZ8, -0.17%

down 6.2 points. Some investors fear Wall Street will ignore the potential for a latent trade dispute after the Dow Jones Industrial Average set its first record since Jan. 26.

– Barbara Kollmeyer contributed to this report

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