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ASIA MARKETS: Asian Stocks Slump After U.S. Announces $200 Billion In New Tariffs On China

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07/11/2018 | 01:50pm CEST

By Dow Jones Newswire

Korean won, Aussie dollar drop on plans to expanded tariffs

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

The Shanghai Compositefell 1.8% and Hong Kong's Hang Seng retreated by 1.3%, while Japan's Nikkei 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, which fell 5.2%. Hong Kong-listed Chinese lenders fell too, with Bank of China 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 and Korean won both slumped about 0.5% against the dollar. The yuan 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 Yen111.11 recently, compared with Yen111.26 yen about 3 p.m. in New York on Tuesday.

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LTD -0.29% 3.45 End-of-day quote.-12.34%
CHINA SOUTHERN AIRLINES COMPANY -2.84% 6.82 End-of-day quote.-37.92%
HANG SENG -0.21% 28122.75 Real-time Quote.-6.05%
NIKKEI 225 0.43% 22764.68 Real-time Quote.-0.30%
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