Asia Markets: Asian markets fall on profit-taking, while Xi praises globalization

After the best week in years for a number of Asian stock markets — following the worst month in years for many — the region’s equities started Monday on a down note amid profit-taking after Friday’s surges.

Japan’s Nikkei

NIK, -1.39%

  slid 1.3% after its best week since mid-2016, following Friday’s declines in the U.S. and amid persistent concerns about rising borrowing costs, U.S.-China trade conflicts and their effects on corporate results. Subaru

7270, -5.05%

  fell about 5% and Uniqlo parent Fast Retailing

9983, -4.97%

  was off 4.7%.

Read: Bank of Japan’s Kuroda says large-scale monetary easing no longer the best policy

Chinese stocks were off even after President Xi Jinping praised globalization and China’s commitment to free trade as he kicked off a trade expo in Shanghai. The Shanghai Composite

SHCOMP, -1.28%

  fell about 1% while the smaller-cap Shenzhen Composite

399106, -1.23%

 was of 0.6%.

See: Xi touts free trade, China’s massive market at import expo

Hong Kong stocks were among the region’s biggest decliners. After ending last week with a 4.2% gain, the most in seven years, the Hang Seng Index

HSI, -2.36%

  was down 2.7%. Trade worries persisted, as did concerns about the mainland economy, after a new report found China’s service-sector growth fell to a 13-month low in October. Tencent

0700, -4.48%

  was down 4% while automaker Geely

0175, -5.01%

  fell 5% and smartphone-component maker AAC

2018, -7.68%

 shed 7%.

Korea’s Kospi

SEU, -1.44%

  shed 1.5% after its 3.5% surge Friday, its best day in seven years. Index heavyweight Samsung

005930, -1.47%

  was down almost 2%. Benchmarks in Taiwan

Y9999, -0.61%

  and Singapore

STI, -1.77%

  posted losses around 1%.

Australia’s ASX 200

XJO, -0.45%

 , working a six-day winning streak, was off 0.2% and New Zealand’s NZX 50

NZ50GR, -0.64%

  eased 0.5%.

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