Asian stocks lower on US-China trade worries

A man cycles past in front of electronic stock board of a securities firm in Tokyo, Tuesday, Sept. 25, 2018.

BEIJING (AP) — Asian stock markets were mostly lower Tuesday after a Chinese government report accusing the Trump administration of bullying other countries dampened hopes for a settlement in their escalating tariff war. KEEPING SCORE: The Shanghai Composite Index lost 0.8 percent to 2,775.91 and Sydney’s S&P-ASX 200 shed 0.1 percent to 6,180.10. Tokyo’s Nikkei 225 advanced 0.1 percent to 23,900.57 while Hong Kong and Seoul were closed for holidays. Benchmarks in New Zealand, Malaysia and the Philippines retreated while Taiwan and Singapore advanced. WALL STREET: Industrial companies and bank sank after news reports that China pulled out of possible talks proposed by Washington on ending their fight over Beijing’s technology policy. The Standard & Poor’s 500 index lost 0.4 percent to 2,919.37. The Dow Jones Industrial Average lost 0.7 percent to 26,562.05. Both the S&P 500 and Dow set record highs last week. General Electric dropped 3.5 percent and 3M declined 1.3 percent. China issued a report accusing Washington of abandoning “mutual respect” required for international relations and “trade bullyism” toward other governments. At the same time, both governments imposed new tariffs on each other’s goods in their war over U.S. complaints that Beijing steals or pressures companies to hand over technology.  The criticism of Washington “suggests that China might prefer to wait out the current U.S. administration, rather than embarking on potentially futile negotiations,” said Cheng Wei Liang of Mizuho Bank in a report. “It is increasingly likely that both sides will not resume negotiations for some time, at least until there is a noticeable shift in the political mood on either side.”