SINGAPORE — Shares in Asia-Pacific were mixed in Monday trade, with stocks in Hong Kong leading losses. Meanwhile, oil prices jumped.
Chinese electric vehicle stocks fell after the country’s industry minister said consolidation in the sector is needed as there are “too many” EV makers in China. BYD dropped 2.75% while Xpeng slipped 2.87%.
Meanwhile, Chinese property developer Soho China plunged 33.43% after a takeover deal by Blackstone Group fell through. Soho China said in a filing on Friday that Blackstone has decided not to go through with its $3 billion bid to buy the developer.
In Japan, the Nikkei 225 edged 0.22% higher on the day to close at 30,447.37 while the Topix index rose 0.29% to 2,097.71.
Shares of automakers Toyota and Honda fell 1.65% and 1.28% respectively. The two firms criticized a U.S. House electric vehicle tax plan that would benefit Detroit’s Big Three automakers, according to a Reuters report.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell about 1%.
Looking ahead for the week, the U.S. consumer price index for August is set to be out on Tuesday, while retail sales figures stateside are expected Thursday. A slew of Chinese economic data, including retail sales and industrial production for August, is also set to be out on Thursday.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.765 against an earlier low of 92.611.
The Japanese yen traded at 110.07 per dollar, stronger than levels around 110.4 seen against the greenback last week. The Australian dollar changed hands at $0.7345 following its slide last week from above $0.744.