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Asian Shares Mixed As Trade Worries Persist

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Asian stocks ended mixed on Monday as investors monitored the value of the yuan and remained focused on U.S.-China trade-related headlines after U.S. President Donald Trump poured cold water on the prospect of a trade deal. Trading volumes were thin as markets in Japan, Malaysia, Singapore, India and Thailand were closed for public holidays.

China's Shanghai Composite Index surged up 40.24 points or 1.5 percent to 2,814.99 ahead of a slew of key data due out on Wednesday. Meanwhile, Hong Kong's Hang Seng Index slid 114.58 points or 0.4 percent to 25,824.72.

Australian stocks edged slightly higher as trade worries offset investor optimism over upbeat corporate earnings. The benchmark S&P/ASX 200 Index inched up 5.90 points or 0.1 percent to 6,590.30, while the broader All Ordinaries Index crept up 6.70 points or 0.1 percent to 6,670.10.

JB Hi-Fi shares soared 10 percent after the electronics retailer posted strong profit growth. Likewise, rubber glove maker Ansell jumped 6 percent after flagging a stronger 2020 outlook.

Bendigo and Adelaide Bank rallied 3.4 percent after the regional bank flagged the possibility of more job cuts.

On the other hand, miners BHP, Rio Tinto and Fortescue Metals Group dropped 1-4 percent after iron ore prices posted their biggest weekly drop in over 16 months on Friday. Gold miners Newcrest Mining and Evolution Mining fell around 3 percent.

Seoul stocks rose modestly to extend gains for the third straight session. The benchmark Kospi gained 4.54 points or 0.2 percent to finish at 1,942.29 amid bargain hunting, while the Korean won hit its lowest level against the U.S. dollar in over three years.

Tech heavyweights Samsung Electronics and SK Hynix advanced 1.3 percent and 1.6 percent, respectively. Pharmaceutical giant Samsung BioLogics spiked 7.2 percent and Hanmi Pharmaceutical added 0.9 percent.

New Zealand shares ended little changed with a negative bias. Fonterra Co-operative Group shares slumped 5 percent. Giving an updated on its financial situation, the country's largest company said it would make a whopping loss for the year of as much as $675 million and won't be pay a dividend.

Overall electronic spending in New Zealand fell a seasonally adjusted 0.3 percent on month in July, Statistics New Zealand said in a report. That was shy of expectations for an increase of 0.2 percent following the 0.1 percent uptick in June.

U.S. stocks fell on Friday after President Donald Trump told reporters the U.S. is "not going to do business" with Chinese tech giant Huawei and that he is "not ready" to make a trade deal with China, suggesting the U.S. could skip the next round of trade talks in September.

The Dow Jones Industrial Average eased 0.3 percent, the tech-heavy Nasdaq Composite shed 1 percent and the S&P 500 dropped 0.7 percent.

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