STI extends losses for a fifth day

MARKETS across Asia were dragged down on Monday by numerous worries over global growth and US-China relations, as various data from the three largest economies came in below expectations and China summoned the United States ambassador to show its displeasure over the arrest of Huawei's chief financial officer Meng Wanzhou.

White House economic adviser Peter Navarro has attempted to distance the US-China trade talks from Ms Meng's arrest by calling them "two separate events", but later rattled markets with a warning that the US would raise tariffs on Chinese imports if the countries could not reach an agreement during the 90-day truce period.

"Market participants are clearly focusing on a possible escalation in the trade war between the US and China on the back of the Huawei CFO arrest," Stephane Ekolo, equity strategist at TFS Derivatives, told Bloomberg.