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I recently got a new Chinese Elm which has been doing well. Yesterday I noticed these red/brown spots on a few leaves and am quite concerned. I have been through my books and various websites and have found very little that resembles this. It lives outdoors and gets a good amount of sun.We recently had 3 or 4 rainy days though with no sun.Any help or advice would be greatly appreciated.

Hello.

Are you on the northern hemisphere?
How was it kept by the nursery/previous owner you got it?
For how long do you have?

My apologies, I should have mentioned that. I am in Brisbane Australia.
It was kept in similar conditions at the person I bought it from. I have had it for about 3 weeks

I bought a Chinese elm sapling about 2 months ago, positioned on full sun the whole day (Brazil), and it stop growing and leaves took an ugly aspect for a whole month while adapting, after that, the leaves recovered (wasan't that dried tho) and it started growing a lot...

Looks like yours is suffering a bit with the heat, however soon is it is acclimated it should be ok...