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SINGAPORE – Asian stocks were largely down on Monday after US President Donald Trump said he was considering tariffs on an additional $ 267 billion worth of Chinese products, increasing tensions between the world's two largest economies. It eclipsed a solid US jobs report, which kept the Fed on track to raise interest rates.
Nikkei 225, Japan's benchmark index, rose 0.3% to 22,370.0 after the country's gross domestic product exceeded expectations, growing at an annual rate of 3.0% in the April quarter to June. Kospi in South Korea gained 0.3% to 2,288.51. But the Hang Seng Hong Kong index fell 0.9% to 26,736.22. The Shanghai Composite Index fell 0.6% to 2,685.30. Australia S & P / ASX 200 was stable at 6,144.90.
WALL STREET: US stock indexes fell on Friday after President Donald Trump said he was ready to impose tariffs on virtually all goods imported from China. The S & P 500 index fell 0.2% to 2,871.68 to end the day with its fourth consecutive loss. The Dow Jones Industrial Average lost 0.3% to 25,916.54. The Nasdaq composite was 0.3% lower at 7,902.54.
US-CHINA TRADE: Trump told reporters on Air Force One that potential fares were "ready to go in a short time if I want to." Such a move would greatly increase its trade war with Beijing and would probably increase costs for a wide range of American businesses and consumers. The Trump administration is already ready to impose a $ 200 billion tariff on Chinese products, such as handbags and bicycle tires. The United States has already imposed a $ 50 billion tariff on Chinese imports. American products.
STRONG EMPLOYMENT REPORT: The pace of recruitment in the United States accelerated in August and wages rose at their fastest pace in nine years. The economy added 201,000 jobs and the unemployment rate remained at 3.9%, the lowest level in 18 years, the government said Friday in its monthly employment report. The data point to a labor market that stands up after nearly a decade of economic growth, and even with tariffs and counter-tariffs on imports and exports weighing on US employers who depend on global trade.
ANALYST'S TAKE: "Dark clouds continue to gather in the markets with the latest threats regarding tariffs on Chinese products, which portends a weak start to the week," said Jingyi Pan of IG in a comment. "With all the updates detailing the implementation based on the suggestion of President Donald Trump, this would certainly be negative for the stock markets, to watch in the week," she said.
ENERGY: US crude added 45 cents to $ 68.20 a barrel. The contract lost 2 cents to settle at $ 67.75 a barrel in New York. Brent crude, used to fix international oil prices, gained 49 cents to 77.32 dollars a barrel. It rose 33 cents to 76.83 dollars a barrel in London on Friday.
CURRENCIES: The dollar fell to 110.96 yen against 111.06 yen. The euro went from $ 1.1566 to $ 1.1544.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, disseminated, rewritten or redistributed.
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