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The Asian markets were shaken Friday by a new escalation of the China-China trade war overnight, while oil prices stabilized after plunging in the previous session on growth fears.
The Tokyo Topix opened down 1.8%, with energy and industrial values among the hardest hit. The Kospi of South Korea was knocked out at 1.1%, pushing it deeper into negative territory for the year.
Futures contracts showed a 2.3% drop in Hong Kong's Hang Seng Index to open markets.
These measures were taken after US President Donald Trump rescinded a brittle truce between the world's two largest economies by announcing a 10% tariff on additional $ 300 billion worth of imports from China. September, thus aggravating trade tensions. Mr Trump suggested that the high-level talks between the two parties in Shanghai this week went wrong, annihilating even weak hopes of a swift resolution of the conflict.
Wall Street stocks made headlines overnight, with the S & P 500 yielding gains ranging from 1.1% to almost 0.9% lower. The yield on the 10-year Treasury Note, which moved in the opposite direction to the price, was down 12 basis points to 1.90%.
At the same time, oil found support in Asian trade after falling sharply overnight, as trade tensions eased worries about global growth and declining demand for the product. Brent, the international marker, rose 1.3% to $ 61.23, while West Texas Intermediate gained 1.1%.
To come up
- Retail sales in Australia
- Italy industrial production
- retail sales in the euro area
Stories of the best markets
Markets Briefing is an overview of global markets, updated throughout the trading day by Financial Times journalists in Hong Kong, New York and London. Return of information? Write in the comments below or send us an email.
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