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Asian Markets Mixed; U.S. Blacklists Huawei as Trade Tensions Continue to Flare

Investing.com - Asian markets were mixed in morning trade on Thursday as U.S.-China tensions remained in focus after the Trump administration imposed sanctions on Chinese telecom giant Huawei.

China’s Shanghai Composite and the Shenzhen Component rose 0.4% and 0.2% respectively by 10:30 PM ET (02:30 GMT). Hong Kong’s Hang Seng Index edged up 0.1%.

U.S. President Donald Trump signed an executive order overnight that could restrict Chinese telecommunication firms Huawei and ZTE Corp (HK:0763) from selling their equipment in the U.S. Shortly afterward, the Department of Commerce said it had put Huawei and 70 affiliates to its “Entity List,” a blacklist that could forbid it from doing business with American companies.

Commerce Secretary Wilbur Ross said in a statement that Trump backed the decision to "prevent American technology from being used by foreign owned entities in ways that potentially undermine U.S. national security or foreign policy interests."

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Meanwhile, the National Bureau of Statistics reported on Thursday that average new home prices in China's 70 major cities rose 0.6% in April, unchanged from the pace of growth in March. It was the 48th straight month of price gains.

Japan’s Nikkei 225 fell 0.6%, while South Korea’s KOSPI was down 0.4%.

Auto stocks outperformed in morning trade, with KIA Motors (KS:000270) and Hyundai Motor (KS:005380) surging as much as 5% at one point, following reports that the U.S. may delay tariffs on the sector by up to six months. The news sent auto stocks in the U.S. higher overnight.

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