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Asian stocks slump

FOREX_asian-stocks-slump-after1107_FXPIG

Stocks fell across Asia on Wednesday after the U.S. threatened 10% tariffs on $200 billion in Chinese goods.

The Shanghai Composite SHCOMP, -1.76% fell 1.8% and Hong Kong’s Hang SengHSI, -1.29% retreated by 1.3%, while Japan’s Nikkei NIK, -1.19%  lost 1.2%.

Trade is once again front and center after a brief reprieve.

Chinese shares swooned in morning trading. The biggest losers on the mainland included China Southern Airlines Co. 1055, -5.21% which fell 5.2%. Hong Kong-listed Chinese lenders fell too, with Bank of China Ltd. 3988, -1.89%  dropping 1.9%.

It isn’t just stocks. Commodities and foreign-exchange rates also swung after the U.S. unveiled fresh proposed duties on products from fish to luggage, a move that is likely to spur retaliation.

Benchmark 3-month copper futures in London hit their lowest in nearly a year, before recovering slightly. The metal is used in manufacturing and construction, which makes it sensitive to economic conditions.

Currencies of major exporters and commodity producers notched some of the biggest declines. The Australian dollar AUDUSD, -0.7642%  and Korean wonUSDKRW, +0.67%  both slumped about 0.5% against the dollar. The yuanUSDCNY, +0.6605%  weakened 0.6% against the U.S. currency even after the Chinese central bank held it largely steady in the daily fix. In recent action, one U.S. dollar bought 6.6648 yuan onshore.

U.S. conflict with China and Europe threatens trade-dependent economies such as South Korea, which benefited from booming exports last year. Although China has reduced its reliance on selling goods abroad, about 9% of growth in 2017 came from exports.

The Japanese yen was little changed. One U.S. dollar bought ¥111.11 recently, compared with ¥111.26 yen about 3 p.m. in New York on Tuesday.

Source: marketwatch.com

Stocks fell across Asia on Wednesday after the U.S. threatened 10% tariffs on $200 billion in Chinese goods.

The Shanghai Composite SHCOMP, -1.76% fell 1.8% and Hong Kong’s Hang SengHSI, -1.29% retreated by 1.3%, while Japan’s Nikkei NIK, -1.19%  lost 1.2%.

Trade is once again front and center after a brief reprieve.

Chinese shares swooned in morning trading. The biggest losers on the mainland included China Southern Airlines Co. 1055, -5.21% which fell 5.2%. Hong Kong-listed Chinese lenders fell too, with Bank of China Ltd. 3988, -1.89%  dropping 1.9%.

It isn’t just stocks. Commodities and foreign-exchange rates also swung after the U.S. unveiled fresh proposed duties on products from fish to luggage, a move that is likely to spur retaliation.

Benchmark 3-month copper futures in London hit their lowest in nearly a year, before recovering slightly. The metal is used in manufacturing and construction, which makes it sensitive to economic conditions.

Currencies of major exporters and commodity producers notched some of the biggest declines. The Australian dollar AUDUSD, -0.7642%  and Korean wonUSDKRW, +0.67%  both slumped about 0.5% against the dollar. The yuanUSDCNY, +0.6605%  weakened 0.6% against the U.S. currency even after the Chinese central bank held it largely steady in the daily fix. In recent action, one U.S. dollar bought 6.6648 yuan onshore.

U.S. conflict with China and Europe threatens trade-dependent economies such as South Korea, which benefited from booming exports last year. Although China has reduced its reliance on selling goods abroad, about 9% of growth in 2017 came from exports.

The Japanese yen was little changed. One U.S. dollar bought ¥111.11 recently, compared with ¥111.26 yen about 3 p.m. in New York on Tuesday.

Source: marketwatch.com

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