Asian Markets shares down as China cancels trade talks with USA

Asian Markets shares down as China cancels trade talks with USA

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Asian Markets shares stumbled in holiday-thinned trading on Monday as China trade tensions by cancelling upcoming tariff talks with the United States, while oil prices jumped after top producers ruled out boosting crude output.

China also canceled mid-level trade talks with the United States, as well as a proposed visit to Washington by vice premier Liu He originally scheduled for this week, the Wall Street Journal reported.

JPMorgan Chase & Co. said "it’s starting to factor into its strategy a growing potential for a Phase III of the trade war next year affecting all Chinese imports, which would lead to weaker Chinese growth and hit U.S. stocks."

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