Forex Marketz Daily Forex News – Fully Markets Update
Chinese stock markets led the losses in Asia this morning. President Donald Trump unleashed new rhetoric, late overnight, in the ongoing trade problems with China.
Trump said that he had asked his Trade Representative to find $200 billion of Chinese products. They will be hit with additional tariffs of ten percent. Those tariffs happen if China does not “change its practices.” These were Trump’s comments overnight.
In turn, China said it would respond in kind if the U.S. goes ahead with the new tariffs.
This morning the Chinese markets were sharply lower. In Hong Kong, the offshore Chinese benchmark bourse, the
Hang Seng Index was down 1.9 percent. On mainland China, the indices were lower. The Shanghai composite shed 2.49 percent. The Shenzhen composite sold off four percent.
Other Regional markets follow Chinese Markets Lower
Looking at the other Asian and Pacific Rim markets, they traded mixed this morning. The Japanese Nikkei 225 lost 0.87 percent and South Korea’s Kospi composite index was down 0.65 percent. Australia’s bourse bucked the trend and rose 0.37 percent.
U.S. stock index futures, this morning, were down. The benchmark Dow Jones industrial average futures are currently 219 points lower this morning. S&P 500 e-mini futures are also down. They are down 0.83 percent.
Safe haven assets like the Japanese currency are higher. The USD/JPY Forex market was last trading at 109.91 by 11 am Hong Kong time. The yen was as closer to 110.50 during the North American trade hours overnight.
