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Asia Markets: Asian markets mixed as China export data offsets impact of Wall Street’s retreat

Asia Markets

Nikkei declines slightly; SMIC shares plunge in Hong Kong after threat of U.S. export restrictions

Boats travel on the Huangpu River in front of the Shanghai skyline..

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Asian markets were mixed in early trading Monday, following a sharp selloff on Wall Street last week.

Japan’s Nikkei 225

dipped 0.3% while Hong Kong’s Hang Seng index

gained 0.1%. The Shanghai Composite

declined 0.2% while the smaller-cap Shenzhen Composite

retreated 0.2%. South Korea’s Kospi

rose 0.7%, while benchmark indexes in Taiwan

, Singapore

and Indonesia

were mixed. Australia’s S&P/ASX 200

were little changed.

Stocks in Hong Kong and mainland China improved after the release of data that showed China’s August exports were stronger than expected from the prior year, after another strong increase in July.

Shares of Chinese chip maker Semiconductor Manufacturing International Corp.

tumbled about 20% in Hong Kong trading after a Wall Street Journal report that the Trump administration is considering placing export restrictions against it, as it has with fellow chip maker Huawei Technologies.

U.S. markets are closed Monday for the Labor Day holiday. Last week, the tech-heavy Nasdaq Composite

saw a 3.3% weekly decline, its largest since March, while the Dow Jones Industrial Average

fell 1.8% and the S&P 500

lost 2.3%.

“We view the latest selloff as a bout of profit-taking after a strong run,” said Mark Haefele, chief investment officer at UBS Global Wealth Management, in a note Friday.

“Stocks have had a nervy start to trading Monday after the massive two-day slide for global equities since June left investors on edge,” Stephen Innes, chief global markets strategist at AxiCorp, wrote in a note Monday. “In the short-term, more so with U.S. markets closed today, it should remain an extremely choppy affair, with bounces likely being sold by design.”

In energy trading, U.S. benchmark crude

fell to $39.34 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude

, the international standard, slipped to $42.30 a barrel.

The dollar

inched up to 106.29 Japanese yen from 106.24 yen Friday.

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