Asian markets sank Monday as investors juggle a number of negative issues that have fuelled worries about the global outlook. The China-US trade row, the Huawei crisis, signs of weakness in the Chinese and US economies, and Brexit are among the key matters depressing equities, though there was some upbeat news in OPEC’s decision to slash crude production.On Sunday, China summoned the US ambassador to protest at the arrest of top Huawei executive Meng Wanzhou in Canada last week over allegations of fraud linked to the breaking of Iran sanctions. An angry China has demanded Washington drop its extradition request, as investors fret that the arrest could throw a spanner in the works of a fragile trade war truce between Beijing and Washington.“Huawei… will likely remain in the headlines for some time as China continues to pressure both Canada and US to withdraw charges,” said Stephen Innes, head of Asia-Pacific trade at OANDA. “It’s more than apparent that US-China tensions are well beyond trade. And when combined with the fact ‘tariffs-limbo’ is likely to extend well into 2019, uncertainty is expected to remain high, and could still explode into a full-blown trade war.”Still, US Trade Representative Robert Lighthizer said he did not expect the arrest to disrupt the talks. Lighthizer, the man leading trade negotiations with China, also said he did not expect to see an extension past the March 1 deadline for a deal between the world’s top two economies.Donald Trump and Xi Jinping agreed this month to a 90-day ceasefire in the multi-billion-dollar tariffs row that will allow officials to find a resolution. A threatened hike in levies on Chinese imports will be imposed if there is no agreement is reached. Equity markets, which have been buffeted by the trade row this year — and were hammered by the arrest last week — were down on Monday, tracking heavy losses in New York.Weak dataShanghai fell 0.7 percent, Hong Kong shed 1.7 percent and Tokyo lost 2.3 percent by the break. Sydney shed two percent, Singapore gave up 1.3 percent and Seoul gave up 1.1 percent. There were also losses for Manila, Taipei and Wellington.Adding to investor unease was Chinese data showing growth in exports and imports both slowed in November while factory inflation slowed — indicating demand remains weak. Also, the trade surplus with the US — a key point of irritation for Trump — ballooned to a record last month despite the imposition of tariffs.“Although the resumption of trade negotiations between China and the US may reduce the risk of further escalation of trade friction, China’s domestic and external demand are under downward pressure,” said China International Capital Corporation economist Liu Liu.That came after the US on Friday said job creation slowed and came in a lot lower than expected, while the International Monetary Fund’s top economist warned the world’s top economy would see growth slow next year.“Uncertainty about US-China relations couple with concerns about the health of the US economy is hurting risk assets across the board,” said Innes. “Indeed, market sentiment remains fragile, and the US November employment report didn’t precisely provide a rosy outlook for the health of the US economy.”Oil prices were boosted after OPEC and other key producers including Russia agreed at the weekend to cut output by 1.2 million barrels a day.Key figuresTokyo – Nikkei 225: DOWN 2.3 percent at 21,191.23 (break)Hong Kong – Hang Seng: DOWN 1.7 percent at 25,634.80Shanghai – Composite: DOWN 0.7 percent at 2,586.67Euro/dollar: UP at $1.1416 from $1.1406 at 2200 GMT FridayDollar/yen: DOWN at 112.43 yen from 112.68 yenPound/dollar: DOWN at $1.2733 from $1.2742Oil – West Texas Intermediate: DOWN nine cents at $52.52 per barrelOil – Brent Crude: UP 36 cents at $62.03 per barrelNew York – Dow Jones: DOWN 2.2 percent at 24,388.95 (close)London – FTSE 100: UP 1.1 percent at 6,778.11 (close).Published in Daily Times, December 11th 2018.