Asia stocks log another day of broad losses amid unrelenting trade worries

Asian markets logged another mostly losing session on Thursday, as investors counted down to the potential start of a new and worrying phase in a global trade spat.

The Shanghai Composite

SHCOMP, -0.91%

 closed down 0.9%, marking its third-straight losing session, while the tech-heavy China Shenzhen ChiNext Composite

399106, -2.20%

 fell 2.2%, after logging a 2.6% decline on Wednesday.

Tech stocks have been a focal point for trade volleys between the U.S. and China. A U.S. move to block China Mobile

CHL, -0.70%

0941, +0.73%

from its market was followed by the Chinese temporarily halting Micron Technology Inc.’s

MU, -5.51%

 memory-chip sales in that country. U.S. markets will reopen on Thursday, a day after the Independence Day holiday, but closed out Tuesday’s session with losses, concentrated in technology stocks.

Read: Trade-war tracker: Here are the new levies, imposed and threatened

In the latest development on the trade-battle front, Chinese officials refuted media reports that the country will fire the first shots in its continuing skirmish with the U.S. The customs bureau announced Thursday that its tariffs on U.S. goods will kick in only after the Trump administration’s levies on $34 billion worth of Chinese products are implemented, a move expected to come Friday.

Elsewhere, Hong Kong’s Hang Seng Index

HSI, -0.21%

 fell 0.5%, while Japan’s Nikkei

NIK, -0.78%

 dropped 0.8% and Korea’s Kospi

SEU, -0.35%

fell 0.4%. The Taiwan Taiex

Y9999, -1.03%

 dropped 1%.

On the upside, New Zealand’s NZX 50

NZ50GR, +0.41%

rose 0.4% and Australia’s S&P ASX 200

XJO, +0.52%

finished up 0.5%.

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