Forex Marketz Daily Forex News – Fully Markets Update
Asian financial markets were lower this morning as a new week kicked off. Traders are growing increasingly jittery over increased trade war tensions between the world’s two largest economies. There was a global selloff with equities over this last week.
In Australia, the benchmark S&P ASX 200 was down 0.57 percent. This bourse was at 5,787.30 in the afternoon. The heavily weighted financial sector fell 0.93 percent.
The Big 4 Bank stocks were all lower. Shares of ANZ lost 0.94 percent, Commonwealth Bank fell 1.04 percent and the National Australia Bank shed 1.02 percent. Westpac was down 0.64 percent.
In Japan, the Asian bourse the Nikkei 225 recovered some of its early losses to trade down 0.4 percent by the end of the morning. The broader Topix index, in Tokyo, was down 0.67 percent. The South Korean Kospi composite index also reversed early losses to rise 0.2 percent. This was against the general downward trend across the Asian and Pacific Rim region.
Asian Markets fall on Trade War Worries
Chinese mainland markets were also lower. The Shanghai composite fell 1.17 percent and the Shenzhen composite lost 0.49 percent. In Hong Kong, the Hang Seng index (HIS) was down 0.25 percent.
China said, on Friday, said it may target 128 U.S. products with an import value of $3 billion. This will be there first salvo against President Donald Trump’s executive order to imposed broad tariffs on aluminum and steel imports.
Trump has also, just, announced tariffs of up to $60 billion in Chinese imports. Beijing did not officially connect its threats of retaliation to that White House action. At least, not yet.
