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Asia Markets: Stocks rally in Japan, but retreat in Hong Kong and mainland China

Asian markets were mixed in early trading Friday, with stocks in Hong Kong and mainland China retreating amid ongoing trade tensions with the U.S.

An executive order by the Trump administration, aimed at banning Huawei equipment from U.S. networks, took effect on Thursday. The order also subjects the Chinese telecommunications giant to strict export controls. China has threatened to retaliate. It remains to be seen how the move will affect trade negotiations.

On Thursday, China’s Commerce Ministry said it had no knowledge of a resumption in trade talks, according to the Wall Street Journal, contradicting U.S. Treasury Secretary Steve Mnuchin, who said Wednesday that negotiations were likely to resume in Beijing “in the near future.

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