People walking through the neon lit night streets of Sinchon in the heart of Seoul, South Korea’s vibrant capital city.
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Asia-Pacific markets were mostly lower Monday after President Donald Trump told U.S. steelworkers that he will double tariffs on steel imports to 50%, effective from Wednesday.
Japan's benchmark Nikkei 225 fell 1.30% to close at 37,470.67 while the Topix declined 0.87% to 2,777.29. South Korea's Kospi was nearly flat to end the trading day at 2,698.97, while the small-cap Kosdaq rose 0.81% to 740.29 ahead of the country's presidential election on June 3.
Australia's S&P/ASX 200 slipped 0.24% to close at 8,414.1.
Hong Kong's Hang Seng index declined 1.2% while India's Nifty 50 was down 0.10%.
China, Malaysia and New Zealand markets are closed for the holidays.
"We're going to bring it from 25% to 50%, the tariffs on steel into the United States of America," Trump said during remarks at U.S. Steel's Irvin Works in West Mifflin, Pennsylvania, adding that the steep tariffs would "further secure the steel industry."
Trump also posted on Truth Social that the steel tariffs will start on June 4.
U.S. stock futures fell as Wall Street looks to the start of a new month of trading following a strong performance in May. S&P 500 futures traded down 0.3%, along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average also declined 108 points, or 0.3%.
Last Friday, the three major averages closed mixed. The S&P 500 was little changed on Friday to close out a big winning month, inching down by 0.01% to end at 5,911.69. The Nasdaq Composite slid 0.32% to 19,113.77, while the Dow Jones Industrial Average added 54.34 points, or 0.13%, to finish at 42,270.07.
— CNBC's Brian Evans and Alex Harring contributed to this report.
New World Development stocks fall over 6% after delay on bond coupon payments
Shares of Hong Kong real estate firm New World Development fell Monday after it announced last Friday in a filing that it will defer coupon payments on four perpetual bonds, raising alarm bells that the company is sinking further into financial trouble.
New World's financial troubles emerge amid ongoing property sector struggles in both Hong Kong and mainland China. Last year, the developer's statements indicated that it has been burdened by high debt levels.
Hong Kong listed stocks of New World Development fell 6.47% as of 3.38 p.m. local time.
– Lee Ying Shan
Japan factory activity shrinks at slower pace in May as tariff woes persist, private survey shows
Japan's factory activity contracted at the slowest pace in five months in May, in a sign of modest improvement in the manufacturing sector.
The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) rose to 49.4 in May from 48.7 in April, making the 11th consecutive month below the 50 threshold that separates contraction from expansion.
"There were tentative signs of a potential improvement in the sector's performance over the coming year ... staffing levels increased at the fastest pace in over a year," said Annabel Fiddes, economics associate director at S&P Global Market Intelligence.
— Anniek Bao
Stocks of Australia’s Soul Patts and Brickworks surge after merger ends 56-year cross-ownership
Stocks of Australian investment firm Washington H. Soul Pattinson, also known as Soul Patts, and its affiliate Brickworks surged after both companies announced a A$14 billion ($9 billion) merger.
Shares of Soul Patts traded 13.78% higher, while Brickworks, Australia's largest brickmaker, jumped 22.32% as of 1 p.m. local time.
As part of the deal, a new company listed in Sydney will acquire all outstanding shares of Soul Patts and Brickworks. The merged entity is projected to be worth around A$14 billion ($9 billion), with holdings across real estate, private equity, and credit totaling A$13.1 billion.
Read the full story here.
—Lee Ying Shan
China says the U.S. undermined Geneva trade deal after Trump accuses Beijing of violations
China on Monday refuted Washington's claims that it had broken the Geneva trade agreement, instead accusing the U.S. for breaching deal terms, signaling talks between the worlds top two economies have taken a turn for the worse.
Trade frictions between Washington and Beijing have flared up after a hiatus following a meeting between U.S. Treasury Secretary Scott Bessent and his Chinese counterpart He Lifeng in Geneva, Switzerland, that had led them to suspend most tariffs on each other goods for 90 days.
The Trump administration has ratcheted up export restrictions on semiconductor design software and chemicals to China, while announcing it would revoke visas for Chinese students, drawing ire from Beijing.
Read the full story here.
—Anniek Bao
Australia's manufacturing sector shrinks for the first time in three months: S&P Global Manufacturing PMI
Australia's manufacturing sector saw a slight slowdown in May, with the S&P Global Manufacturing PMI easing to 51 for the month, down from 51.7 in April. The reading also marked a shrinking of Australia's manufacturing sector production first time in three months.
According to S&P Global, incoming new orders climbed at a slower pace in spite of renewed export growth.
"Despite a moderation in the pace of growth, anecdotal evidence suggested that the slower rate of expansion, including a slight reduction in output, was partially driven by the election and may therefore prove temporary," said Jingyi Pan, economics associate director at S&P Global Market Intelligence.
—Lee Ying Shan
South Korea's factory output falls at steepest rate in 31 months: S&P Global
South Korea's manufacturing output declined at its fastest pace in 31 months, mainly due to headwinds from domestic economic conditions and global trade policies.
According to S&P Global, the country's manufacturing purchasing managers index came in at 47.7 in May, better than the 47.5 seen in April, but also marking the fourth straight month of contraction.
A PMI figure above 50 indicates expansion, while a figure below 50 indicates contraction.
Usamah Bhatti, Economist at S&P Global Market Intelligence, said that "firms often mentioned that the contraction was attributed to a continuing stagnation in the domestic economy, as well the continued impact of higher U.S. tariffs on the home market as well as on key export markets."
— Lim Hui Jie
Japan and South Korean steel stocks fall after Trump says he intends to double tariffs
Steel-related stocks in Japan and South Korea declined after U.S. President Donald Trump said he intends to double tariffs on steel imports to 50%, effective from Wednesday.
Japanese steel production company JFE Holdings lost 1.23%, and Kobe Steel slipped 0.18%. South Korea's Hyundai Steel fell 3% while steel manufacturer Posco Holdings declined 1%.
Japan's Nippon Steel bucked the trend to climb 1.58% after Trump heralded the company as a "great partner" to U.S. Steel on Friday.
—Lee Ying Shan
Fri, May 30 20254:16 PM EDT
S&P 500 closes little changed
The S&P 500 finished Friday's rocky session session near flat.
The broad index ended slightly below its flatline. The Dow closed up 0.1%, while the Nasdaq Composite ticked down 0.3%.
— Alex Harring
English (US) ·