Asia Markets: Asian markets pull back after recession fears weigh on Wall Street

Asian markets were mostly lower in early trading Wednesday, after recession worries led to losses on Wall Street.

President Donald Trump on Tuesday admitted that tariffs against Chinese goods may cause economic pain in the U.S., but said his hard line is necessary and will be worth it in the long run. “It’s about time, whether it’s good for our country or bad for our country short-term,” Trump said, adding that he didn’t think the nation was at risk of recession.

Japan’s Nikkei NIK, -0.39%   fell 0.3% while Hong Kong’s Hang Seng Index HSI, +0.02%   gave up early gains and was last down 0.3%. The Shanghai Composite SHCOMP, -0.03%   also slid from session highs, and was last off 0.1%, while the smaller-cap Shenzhen Composite 399106, -0.18%   declined about 0.3%. South Korea’s Kospi 180721, +0.21%   rose 0.2%, and benchmark indexes in Taiwan Y9999, +0.00%  , Singapore STI, -0.52%  , Malaysia FBMKLCI, -0.22%   and Indonesia JAKIDX, +0.12%   were mixed. Australia’s S&P/ASX 200 XJO, -1.05%   slipped 1%.

Among individual stocks, SoftBank 9984, -3.04%   and Mazda Motor 7261, -3.48%   fell in Tokyo trading, while Fast Retailing 9983, +1.12%   rose. In Hong Kong, CSPC Pharmaceutical 1093, +4.86%   gained while Geely Automobile 175, -1.44%   and Sunny Optical 2382, -0.38%   fell. Kia Motors 000270, -0.12%   advanced in South Korea, while Foxconn 2354, +1.12%   gained in Taiwan. Mining giants BHP BHP, -2.07%   and Rio Tinto RIO, -2.40%   fell in Australia, and banking stocks, led by Westpac WBC, -1.62%  , slid.

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