Investing.com - Asian markets wobbled in a holiday-thinned trading session on Monday as China cancelled planned trade talks with the U.S. Citing people familiar with the situation, reports suggested Beijing is unlikely to resume talks with Washington until after November’s mid-term elections.
“It would be ‘asking for an insult,’ if China went ahead with trade talks after the US announced new tariffs and sanctions,” Shi Yinhong, a professor of international relations at Renmin University of China, said Saturday. “In the long run, there will be talks, because the trade war won’t last for thousands of years.”
Hong Kong’s Hang Seng Index was down 1.2% by 9:40PM ET (01:40 GMT).
Trading volumes in Asia were likely to remain subdued today with markets in China, Japan and South Korea closed for a holiday.
Meanwhile, the Reserve Bank of India received some attention after the central bank said they were “closely monitoring” recent developments in India’s financial concerns and would take actions at appropriate times.
Down under, Australia’s S&P/ASX 200 slipped 0.1%.
Looking ahead, traders’ focus are likely to switch to the Federal Reserve’s policy meeting on Wednesday. The Fed is likely to hike interest rates for the third time this year, with analysts expecting another one in December.