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Asian stock markets tumbled early Monday as trade talks between the United States and China seemed on the brink of collapse.
Early Sunday morning, President Donald Trump tweeted that he would increase customs duties on $ 200 billion of Chinese goods to 25% this week, apparently taking the Chinese authorities by surprise. In response, China may withdraw from the next round of trade talks to begin Wednesday in Washington. US officials said progress was made in last week's talks in Beijing, and said it was possible to reach an agreement by the end of the week.
But the sudden line of Trump has scared investors. Futures on the US stock market have sunk, with futures on the Dow Jones industrial average
YMM9, -1.89%
, Futures on the S & P 500
ESM9, -1.86%
and Nasdaq Composite futures
NQM9, -2.20%
all falling around 2% from here Sunday night.
Hong Kong Hang Seng Index
HSI, -3.00%
fell 2.5% immediately after the start of trading on Monday morning. The Shanghai Composite
SHCOMP, -3.58%
fell 3.2% and the smallest capitalization Shenzhen Composite
399,106, -3.91%
plunged by about 4%. The S & P / ASX 200 from Australia
XJO, -0.97%
was down 1.3%, and benchmarks in Taiwan
Y9999, -0.73%
and Singapore
IST -3.02%
also declined. Nikkei from Japan and Kospi from South Korea were closed for the holidays.
Losses were spread across all sectors in Hong Kong, with Geely Automotive
0175, -8.03%
, WH Group food processor
0288, -8.39%
and Apple AAC Technologies provider
2018 -6.89%
among the largest decline. CSPC Pharmaceutical
1093 -5.91%
and China Life Insurance
2628 -6.05%
also sunk. Apple Foxconn Manufacturer
2354, -3.29%
and Taiwan Semiconductor
2330 -2.26%
dropped in Taiwan. In Australia, Beach Energy
BPT, -2.97%
and Westpac Banking
WBC, -1.59%
fell.
After a second consecutive week of losses on Friday, crude oil prices continued to fall on Monday. West Texas Intermediate based in the United States for delivery in June
CLM9, -2.34%
was down more than 2% and world benchmark July Brent crude
LCON9, -2.07%
fell almost as much.
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