SINGAPORE — Shares in Asia-Pacific largely slipped in Monday trade, with stocks in Hong Kong leading losses.
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 3.82% while Xpeng slipped 2.67%.
Meanwhile, Chinese property developer Soho China plunged 34.86% 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.
Other Asia-Pacific markets
In Japan, the Nikkei 225 edged 0.26% lower while the Topix index shed 0.25%.
Shares of automakers Toyota and Honda fell 2.43% and 1.72% 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 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.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.654 after a recent decline from above 92.7.
The Japanese yen traded at 109.96 per dollar, stronger than levels around 110.4 seen against the greenback last week. The Australian dollar changed hands at $0.7354 following its slide last week from above $0.744.