Asian stocks, after initially holding up Thursday morning following the latest U.S.-China trade developments, started sliding as China’s market opened.
China stocks extend the declines of the past week-plus. The Shanghai Composite
SHCOMP, -2.00%
was off 1.8% and the Shenzhen Composite
399106, -2.40%
slid 2.3%. Nearly all sectors were down as anticipation of an escalating trade war builds. Earlier, it was reported that President Donald Trump is seeking 25% tariffs on $200 billion in Chinese imports.
Hong Kong’s Hang Seng Index
HSI, -2.21%
was led lower by financials and weakness on the mainland, extending a three-day slide. HSBC
0005, -1.95%
was faring the worst, down 1.4%, amid broader bank weakness. Meanwhile, a number of mainland developers were lower, some falling more than 1% early. Wynn Macau
1128, -9.59%
shares skidded to nine-month lows after parent Wynn’s weaker-than-expected second-quarter report.
Bank and property stocks also continued their recent weakness in Singapore
STI, -1.24%
. The nation’s No. 1 lender — and the market’s largest firm by market cap — DBS
D05, -1.63%
was down 2.5% following its second-quarter results, while smaller peer OCBC
O39, -2.24%
was off 2.2%. Taiwan’s Taiex
Y9999, -1.52%
fell 0.6%
Japan’s Nikkei
NIK, -1.03%
slipped 0.4%, pulling back from nearly two-week highs on Wednesday. Weak earnings weighed the stocks of industrial giants Kobe Steel
5406, -9.60%
and Furukawa Electric Co.
5801, -9.99%
. Banking stocks, however, gained following a rise in the central bank’s 10-year bond. Mitsubishi UFJ
8306, -0.50%
and Mizuho Financial Group
8411, +0.00%
were up around 1%.
South Korea’s Kospi
SEU, -1.60%
was now down 0.7% and Taiwan’s Taiex
Y9999, -1.52%
was 0.6% lower.
Australia’s ASX/S&P 200
XJO, -0.55%
was down 0.3%, as Rio Tinto
RIO, -4.90%
fell 3.4% after missing first-quarter earnings expectations, and BHP Billiton
BHP, -3.31%
slipped 1.8%. New Zealand’s benchmark
NZ50GR, -0.12%
was slightly in the red.
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Source : MTV
