· Stocks fell sharply on Monday after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.
The Dow Jones Industrial Average dropped 617.38 points, or 2.4%, to 25,324.99 and posted its worst session since Jan. 3. The S&P 500 also had its worst day since early January, falling 2.4% to 2,811.87. The Nasdaq Composite dropped 3.4% — its biggest one-day loss of the year — to 7,647.02.
At its lows of the day, the Dow fell as much as 719.86 points while the S&P 500 and Nasdaq traded down 2.8% and 3.6%, respectively, at their session lows. The indexes came off their lows in afternoon trading after President Donald Trump said he had not decided whether to slap tariffs on an additional $325 billion in Chinese goods.
· European stocks closed higher on average Friday despite the U.S. hiking duties on $200 billion worth of Chinese products.
The pan-European STOXX 600 climbed provisionally 0.4% higher, with the export-heavy German DAX index rising by 0.85%. All but three sectors closed in positive territory, with only the autos sector, with its heavy exposure to China, edging below the flatline.
Washington increased tariffs on Chinese goods from 10% to 25% overnight. China immediately said it would retaliate, though did not specify how. But European investors have not been spooked by this latest chapter in ongoing trade tensions between the two economic superpowers.
· “Investors seemingly continue to try to cling to hope that policymakers on both sides opt to de-escalate,” Deutsche Bank research strategist Jim Reid said in a research note Friday morning.
· Shares in Asia declined Tuesday morning as tensions between the United States and China intensified after Beijing decided to raise tariffs on some American goods.
The Nikkei 225 in Japan fell 1.8% in early trade, with shares of index heavyweight and conglomerate Softbank Group plunging 5.66%. The Topix index also fell 1.8%.
In South Korea, the Kospi declined 0.76% as index heavyweight Samsung Electronics and chipmaker SK Hynix saw their stock drop 1.29% and 1.90%, respectively.
Australia’s ASX 200 slipped 1.13% as most of the sectors declined.
Reference: CNBC
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