Asian shares wobble as China cancels trade talks with U.S.; oil rallies


By Swati Pandey

SYDNEY (Reuters) – Asian shares stumbled in holiday-thinned trading on Monday as China’s decision to cancel talks with the United States reinforced fears of a protracted trade war with neither side willing to back down.

Oil prices jumped after top producers ruled out boosting crude output.

U.S. stock futures were a touch weaker while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8 percent. Hong Kong was the worst performer with its Hang Seng index down 1.3 percent.

Most of Monday’s limited action was in currencies, as share markets in major Asian centers Japan, China and South Korea were closed for a holiday. But with domestic trading in respective countries shut, even forex trading was light.

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