Connect with us
Financial Press
asia-markets:-asian-markets-sink-as-us-china-tensions-rise,-us.-tech-stocks-fall
asia-markets:-asian-markets-sink-as-us-china-tensions-rise,-us.-tech-stocks-fall

Breaking

Asia Markets: Asian markets sink as U.S.-China tensions rise, U.S. tech stocks fall

Asia Markets

Stocks down more than 2% in mainland China

Stocks sank Friday in Shanghai.


Getty Images/iStock Photos

Stocks fell in Asia early Friday, following rising tensions between the U.S. and China and a selloff of tech stocks on Wall Street.

Hong Kong’s Hang Seng index
HK:HSI
fell 1.9% while the Shanghai Composite
CN:SHCOMP
sank 2.3% and the smaller-cap Shenzhen Composite
CN:399106
slide 2.9%. South Korea’s Kospi
KR:180721
declined 0.6%, and benchmark indexes in Taiwan
TW:Y9999
, Singapore
SG:STI
and Indonesia
ID:JAKIDX
all dropped. Australia’s S&P/ASX 200
AU:XJO
retreated 1.2%.

Markets in Japan were closed for a holiday.

On Friday, China ordered the U.S. consulate in the western city of Chengdu closed, in retaliation for the U.S. closure of the Chinese consulate in Houston following allegations of spying.

“For investors, what matters is whether political escalation morphs into economic escalation. So far, there are no hints yet that either side is willing to ramp up the trade war in a global recession,” wrote Stephen Innes, chief global markets strategist at AxiCorp, in a note.

Stocks on Wall Street sank Thursday, led by declines by Apple
US:AAPL
and Microsoft
US:MSFT
.

The Dow Jones Industrial Average
US:DJIA
closed 353.51 points lower, or 1.3%, to 26,652.33, while the S&P 500 index
US:SPX
finished down 40.36 points, or 1.2%, at 3,235.66. The technology-heavy Nasdaq Composite Index
US:COMP
lost 244.71 points, or 2.3%, to 10,461.42.

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Breaking

My wife and I are both 57 and looking to retire at 62.  We will get approximately $1,700 a month each from Social Security. ...

Breaking

The Conversation Published: Sept. 26, 2020 at 5:14 p.m. ET What do communities like “People of Praise” believe? President Donald Trump announces his Supreme...

Breaking

NewsWatch Published: Sept. 26, 2020 at 5:00 p.m. ET MARKETWATCH FRONT PAGE Federal tax relief for new homeowners would help millennials and support prices,...

Breaking

Economic Preview Published: Sept. 26, 2020 at 4:54 p.m. ET Despite improvement, the U.S. unemployment rate remains historically high and financial woes are just...