Latest news from the Asian market: Asian technology stocks and decline of the Chinese yuan after the renewal of the trade war between the United States and China

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The suppliers of the Chinese technology company Huawei have been particularly affected after the resumption of the trade war between his country and China by announcing that it would add a 10% tariff on products made in China for a value $ 300 billion in September – taxing all products from China. United States.

Smartphone component maker Sunny Optical Technology fell 6%, while AAC Technologies also fell 5%. Q Technology lost 8% and BYD Electronic sank 7.9%.

All these shares are listed in Hong Kong Hang Seng Index (HSI), which fell 2.4% Friday at noon.
the Shanghai Composite Index (SHCOMP), meanwhile, decreased by 1.7%.

The Chinese yuan has fallen against the dollar, both in Shanghai and in the offshore market where it operates more freely.

Outside China, one US dollar currently buys about 6,9606 yuan. Earlier Friday, the yuan had fallen to 6.9786, the weakest of this year.

In mainland China, where the yuan fluctuates around a benchmark rate set daily by the People's Bank of China, the currency stands at 6.9355 for a dollar.

Trump says it's going to go ahead with China's new tariffs that would hit iPhones and toys
Trump announcement – made in a series of tweets Overnight – right after the return of US trade officials after a series of negotiations in Shanghai. Although both parties agreed that these discussions were "constructive", they did not announce any tangible progress.

China criticized Trump's tariff information on Friday.

Adding tariffs "is not a constructive way to resolve the trade dispute, this is not the right way," said Foreign Minister Wang Yi, in response to a question raised by the local government channel Shenzen TV. Wang was attending a meeting in Bangkok, Thailand.

Earlier this week, US-China trade talks ended in Shanghai with little sign of progress. Nevertheless, both sides said discussions were "constructive" and agreed to meet in September.

Rare earth shares in Asia soared Friday – one of the few market winners. Beijing has already hinted that it could end the rare earth element exports to the United States as the next trading currency in the trade war. According to the US Geological Survey, China controls more than 90% of rare earth production, which is essential for the production of smartphones and tablets.
And the new Nasdaq – style Chinese management board in Shanghai has rallied. The 25 shares all rose early in the afternoon.

"Markets are boiling after President Trump has expressed frustration with China's blocking techniques," Stephen Innes, managing partner of Vanguard Markets Pte in Singapore, said Friday.

Here are some of the other big moves in the Asian markets at 1:00 pm. Hong Kong time.
  • Inventories in the region were down. From Japan Nikkei (N225) decreased by 2.6%. Taiwan's Taiex lost 1.4%. The Australian S & P / ASX 200 lost 0.4%.
  • Kospi of South Korea dropped by 0.9%. The index also ended down on Thursday and was weighed down by trade tensions. Japan decided Friday to remove South Korea from its so-called white list of trusted trading partners.
  • Toyota, the largest automaker in Japan, fell 2.8%. The company recorded an 8.7% increase in operating income for the first quarter, but lowered his earnings forecast for the full year because of a stronger yen.
  • The oil began to recover some of the losses incurred after the announcement of Trump's tariff. US oil futures rose 2%, while Brent, the global benchmark, rose 2.5%.
  • Wall Street was sold Thursday after Trump's tweets. the Dow (UNDUE) closed down 1.1%, while the S & P 500 (SPX) finished down 0.9% and the Nasdaq (COMP) fell 0.8%.

Anneken Tappe from CNN Business contributed to this report.

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