[ad_1]
Hong Kong stocks are expected to see the largest decline in three months on Wednesday, driven by declines in banks and insurers after US President Donald Trump has increased the stakes of the trade war with China. Chinese exports reached 200 billion US dollars
The Hang Seng index fell by 2.3%, or 668.53 points, to 28,013.72, registering the largest daily decline since the March 28 and recording three days of winnings. "China has only imported 162 billion US dollars in the last 12 months that ended in May, markets are eagerly awaiting China's response," DBS said. The decision on new tariffs came after the failure of efforts to negotiate a solution to the trade dispute, senior officials in the US administration said Tuesday.
The affected goods include hundreds of food products as well as tobacco, coal, chemicals, tires, dog and cat food, consumer electronics and television components, although the list is not not final until September
The monetary anchor of Hong Kong, the US-Chinese trade war could create a perfect storm
The trade war had begun last Friday with the imposition by the United States of a first round of rights on $ 34 billion. Chinese goods, and China responding in kind.
In Hong Kong, China Construction Bank slid 3% to 6.78 Hong Kong dollars, and the Industrial and Commercial Bank of China fell 3.7% to 5.44 Hong Kong dollars. Ping An Insurance (Group) fell 3% to 69 HK $
In mainland China, the Shanghai Composite Index fell 2%, or 57.76 points, to 2,769.87 and the CSI 300, which follows the listed large capitalisations in Shanghai and Shenzhen The fears aroused by the trade disputes between the United States and China occupy an important place in the largest high-tech conference of Asia
The offshore yuan fell from 0.55% to 6.6870 per US dollar. It is set for the biggest daily drop in the week and is quickly approaching an 11-month low of 6.7332 hit last Tuesday.
Other Asian stock markets were also lower. The Nikkei 225 of Tokyo fell by 1.9%, or 411.92 points, to 21,784.97, the South Korean Kospi fell by 1.3% and the Australian All Ordinary by 0.7%
[ad_2]
Source link
