Hong Kong (CNN Business)Asian markets were muted on Thursday as anxiety over the state of US-China trade talks continues.

Hong Kong’s Hang Seng Index (HSI) fell 0.4%, while China’s Shanghai Composite Index (SHCOMP) shed 0.1%. Japan’s Nikkei (N225) lost 0.5%, while and South Korea’s Kospi (KOSPI) lost 0.2%.US-China trade relations continue to worry investors. The two countries have announced tariffs on each other that are set to go into effect on Sunday. And although US Treasury Secretary Steven Mnuchin insisted to Bloomberg that a meeting with China on trade will still happen, he did not specify when.Uncertainties about trade still haunt the market, which has created a “waiting game,” wrote Jingyi Pan, a strategist for IG Group, in a research note.Read MoreHere are some other moves to look out for in Asia at 11 a.m. Hong Kong time:South Korean’s business confidence outlook rose slightly for September, according to a business survey index released by the Bank of Korea on Thursday. But it was still below the benchmark of 100, which means those pessimistic about the economic situation outnumber the optimists. The country’s central bank will hold a policy meeting Friday.South Korea on Thursday proposed a record budget plan of 513.5 trillion won ($423.5 billion) for next year in response to economic risks, according to the Korean Yonhap News Agency. The country also has its own trade tensions with Japan, which removed South Korea from its list of favored trade partners Wednesday.The Japanese yen, a traditional safe-haven currency, gained strength. It traded at 105.91 per one US dollar, slightly stronger compared to the previous session.Investors are awaiting Japan’s consumer confidence index, which is scheduled to release later in the afternoon.

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