Asian Stock Markets
The rumblings of a global trade war shook stock and currency markets on
Friday after U.S. President Donald Trump announced long-promised tariffs
on Chinese goods and Beijing pledged to fight any such war to the end.
S&P futures ESc1 were down 0.6 percent, suggesting a weaker open on Wall Street later in the day.
Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although they have a 30-day consultation period, raising the chance that final measures could be watered down.
Investors fear that the U.S. measures could escalate into a trade war, with potentially dire consequences for the global economy.
Beijing urged the United States on Friday to “pull back from the brink”.
China unveiled its own plans on Friday to impose tariffs on up to $3 billion of U.S. imports in retaliation against U.S. tariffs on Chinese steel and aluminium products.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 2.5 percent as stocks across the region dropped. For the week, the index recoiled over 4 percent.
Shanghai shares .SSEC were down 3.8 percent.
Japan's Nikkei .N225 dropped 4.5 percent.
Australian stocks lost 1.9 percent, Hong Kong's Hang Seng .HSI was down 3.1 percent, Taiwan shares .TWII slid 1.6 percent and South Korea's KOSPI .KS11 retreated almost 3 percent.
Setting a downbeat tone for Asia, the Dow .DJI on Thursday shed 2.9 percent, the S&P 500 .SPX dropped 2.5 percent and the Nasdaq .IXIC fell 2.4 percent.[.N]
As equities took a beating, the yen, often sought in times of market turmoil, rallied against the dollar.
The greenback fell roughly 0.5 percent to as low as 104.635 yen JPY=, its weakest since November 2016. The dollar was down more than 1 percent on the week.
The 10-year Japanese government bond (JGB) yield dipped to a four-month trough of 0.020 percent JP10YTN=JBTC.
Safe-haven spot gold XAU= rose to $1,339.12 an ounce, highest since March 7. [GOL/]
Other commodities did not fare as well amid the trade war fears, with copper on the London Metal Exchange CMCU3 falling to a three-month low of $6,628.00 per tonne. [MET/L]
Iron ore futures on China’s Dalian Commodity Exchange DCIOcv1 lost more than 5 percent.
Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, although they have a 30-day consultation period, raising the chance that final measures could be watered down.
Investors fear that the U.S. measures could escalate into a trade war, with potentially dire consequences for the global economy.
Beijing urged the United States on Friday to “pull back from the brink”.
China unveiled its own plans on Friday to impose tariffs on up to $3 billion of U.S. imports in retaliation against U.S. tariffs on Chinese steel and aluminium products.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 2.5 percent as stocks across the region dropped. For the week, the index recoiled over 4 percent.
Shanghai shares .SSEC were down 3.8 percent.
Japan's Nikkei .N225 dropped 4.5 percent.
Australian stocks lost 1.9 percent, Hong Kong's Hang Seng .HSI was down 3.1 percent, Taiwan shares .TWII slid 1.6 percent and South Korea's KOSPI .KS11 retreated almost 3 percent.
Setting a downbeat tone for Asia, the Dow .DJI on Thursday shed 2.9 percent, the S&P 500 .SPX dropped 2.5 percent and the Nasdaq .IXIC fell 2.4 percent.[.N]
As equities took a beating, the yen, often sought in times of market turmoil, rallied against the dollar.
The greenback fell roughly 0.5 percent to as low as 104.635 yen JPY=, its weakest since November 2016. The dollar was down more than 1 percent on the week.
The 10-year Japanese government bond (JGB) yield dipped to a four-month trough of 0.020 percent JP10YTN=JBTC.
Safe-haven spot gold XAU= rose to $1,339.12 an ounce, highest since March 7. [GOL/]
Other commodities did not fare as well amid the trade war fears, with copper on the London Metal Exchange CMCU3 falling to a three-month low of $6,628.00 per tonne. [MET/L]
Iron ore futures on China’s Dalian Commodity Exchange DCIOcv1 lost more than 5 percent.
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