Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Asia stocks fall after US-China trade tensions escalated

Asia stocks fall after US-China trade tensions escalated

Most Asian stocks declined on Monday in morning session amid escalating trade tensions between the US and China after both countries announced tariffs last week.

The Trump administration last week said it will impose a 25% tariff on a list of 818 items of Chinese goods worth around $34 billion beginning 6 July.

In response, China said a 25% tariff will be implemented on US goods, including soybeans and electric vehicles, worth $34 billion starting 6 July.

Japan's Nikkei 225 fell 0.85%, with all sectors trading lower. Shipping companies declined the most, with the Topix sea transport subindex sliding 3.46%.

Steelmakers declined 2.18% and oil stocks tumbled 3.32% amid an extended drop in oil prices.

In South Korea too markets recorded similar losses, with the benchmark Kospi down 0.8%. Automakers traded higher, with Hyundai Motor up 0.75%, although large cap tech shares fell. Heavyweight Samsung Electronics slid 2.1%.

Down Under, the S&P/ASX 200 was trading flat as declines in the materials subindex weighed on the broader market. Mining majors Rio Tinto and BHP fell more than 2%, while banking names gained slightly.

Elsewhere, Singapore's Straits Times Index lost 1.19% and Malaysian shares dropped around 1%. MSCI's index of shares in Asia Pacific outside of Japan eased 0.46% during Asia morning trade.

Markets in China, Hong Kong, Taiwan and Indonesia were closed on Monday for holidays.

In commodity news, oil prices extended losses after slumping in the last session ahead of OPEC's meeting in Vienna later this week.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hugh Young: the buck stops with me on Asia recovery

Hugh Young: the buck stops with me on Asia recovery

The Veteran Asia Pacific fund manager discusses how he is going to improve the performance of Aberdeen Standard Asia Focus and the other investment trusts run by his team.

Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Read More
Your Business: Cover Star Club

Profile: how a private office combined Lord North Street and C Hoare veterans

Profile: how a private office combined Lord North Street and C Hoare veterans

Quite different roads took Koerling and McArdle to Owl, but this diversity of background and experience is designed to be at the very heart of the business.

Wealth Manager on Twitter