Forex Marketz Daily Forex News – Fully Markets Update
Asian financial markets stumbled Wednesday morning as the major regional bourses fell lower. This comes after early morning news from the U.S. trade representative of fresh tariffs on even more imports from China.
Markets in the Chinese sphere of influence in the Asian and Pacific Rim fell lower. The Shanghai composite index sank lower. Shares fell by over 2.3 percent. The Shanghai was higher for three days in a row on Tuesday after weakness took the index into bear market territory. The market had fallen over twenty percent and is back in that territory now.
In Hong Kong, the Hang Seng index (HIS) was also deeply in the red. Shares tumbled over two percent on the news. The materials sector led losers. Financial and information technology stocks also fell. They stumbled over two percent.
Other Asian Markets fall on Tariff News as a Trade War Intensifies
Elsewhere, the Asian benchmark in Japan, the Nikkei 225 was down 1.75 percent at the time of this report. Losses intensified as the day went on. Automakers were hit hard.
Toyota Motor was down 0.98 percent. Other Japanese trade related names also fell. Technology and chipmaker Advantest fell 2.28 percent. Shares of Canon were down 1.13 percent.
New tariffs of ten percent will be placed on additional Chinese imports into the United States.
The goods on the U.S. government’s list would be subject to 10 percent tariffs, according to a U.S. Trade Representative Robert Lighthizer, said, early in the morning trade session, that his office notify the public for a comment period before the levies are imposed. This is a standard move and only intensifies the ongoing trade spat between China and the United States.
