clearn.png
Wednesday November 13th, 2019 9:04PM

Asian stocks follow Wall Street lower on trade war jitters

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — Asian stock markets followed Wall Street lower Tuesday amid anxiety the U.S.-Chinese trade war will hurt already slowing global economic growth.

Benchmarks in Shanghai, Tokyo, Hong Kong and Australia all retreated. Markets in Japan, India and Southeast Asia were reopening following holidays.

Investor anxiety has been fed by President Donald Trump's threat of new U.S. tariff hikes on Chinese goods, protests in Hong Kong and weaker-than-expected data from India, Argentina and Singapore.

"The global economy is perched precariously, hoping for a positive inflection, but braced for a stumble," said Vishnu Varathan of Mizuho Bank in a report.

The Shanghai Composite Index lost 0.8% to 2,793.44, and Tokyo's Nikkei 225 tumbled 1.2% to 20,434.75. Hong Kong's Hang Seng fell 1.7% to 25,391.77.

Seoul's Kospi lost 0.7% to 1,928.77, while Sydney's S&P-ASX 200 was 0.4% lower at 6,579.70. India's Sensex opened down 0.1% at 37,529.70.

Markets in Taiwan, New Zealand and Southeast Asia also retreated.

Investors were rattled by a Chinese government statement Monday saying mostly nonviolent protests in Hong Kong were "beginning to show the sprouts of terrorism" and were an "existential threat" to the population.

Hong Kong's airport, one of the world's busiest, canceled all flights Monday evening after thousands of pro-democracy protesters crowded into its main terminal. Operations were slowly returning to normal Tuesday.

Beijing's use of the term terrorism "triggered a wave of risk aversion across global markets," said Stephen Innes of VM Markets in a report.

On Wall Street, the benchmark Standard & Poor's 500 had its biggest decline in a week while the Dow Jones Industrial Average lost nearly 400 points.

Selling was widespread. Technology companies and banks accounted for a big share of the decline.

Investors sought safety in U.S. government bonds, sending their yields tumbling. The price for gold, another traditional safe-haven asset, closed higher.

The S&P 500 lost 1.2% to 2,883.09. The Dow fell 1.5%, or 389.73 points, to 25,897.71.

The Nasdaq composite dropped 1.2% to 7,863.41.

Trump has promised 10% tariffs on some $300 billion in Chinese imports that haven't already been hit with tariffs of 25%. The new tariff would go into effect Sept. 1 and more directly affect U.S. consumers.

Last week, Trump said he'd be "fine" if the U.S. and China don't go ahead with a meeting next month, dampening investors' hopes for a resolution.

ENERGY: Benchmark U.S. crude lost 11 cents to $54.82 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 43 cents on Monday to close at $54.93. Brent crude, used to price international oils, declined 12 cents to $58.45 per barrel in London. It added 4 cents the previous session to $58.57.

CURRENCY: The dollar gained to 105.57 yen from Monday's 105.30 yen. The euro declined to $1.1188 from $1.1214.

  • Associated Categories: Associated Press (AP), AP National News, AP Online National News, Top General short headlines, AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian stocks follow Wall Street lower on trade war jitters
Asian stocks follow Wall Street lower amid anxiety U.S.-Chinese trade war will cut global growth
11:48PM ( 7 minutes ago )
Not just Bali: Indonesia hopes to develop more tourism sites
In his second term, Indonesia's president hopes to find foreign investors for '10 new Balis' to boost tourism and diversify Southeast Asia's largest economy
11:35PM ( 21 minutes ago )
Questions swirl around Epstein's monitoring before suicide
Attorney General William Barr says the Justice Department has "serious irregularities" at the federal jail where Jeffrey Epstein took his own life over the weekend
11:21PM ( 34 minutes ago )
Associated Press (AP)
Canada police: 2 teen fugitives took their own lives
Canadian police said Monday they believe two teenage fugitives suspected of killing a North Carolina woman, her Australian boyfriend and another man took their own lives amid a nationwide manhunt
9:45PM ( 2 hours ago )
Hong Kong airport struggles to reopen after protests
One of the world's busiest airports was struggling to reopen the morning after thousands of pro-democracy demonstrators crowded into Hong Kong's main terminal and forced flight cancellations
9:32PM ( 2 hours ago )
Troops let some Muslims go to mosques in locked-down Kashmir
Troops in Indian-administered Kashmir allowed some Muslims to walk to mosques alone or in pairs to mark Eid al-Adha on the eighth day of an unprecedented security lockdown
9:20PM ( 2 hours ago )
AP National News
US government weakens application of Endangered Species Act
Trump administration makes sweeping changes to the 45-year-old Endangered Species Act that critics say will speed the loss of animals and plants at a time of record global extinctions
6:28PM ( 5 hours ago )
Guatemalans worry about graft after Giammattei wins election
Few took to Guatemala's streets to celebrate Monday after Alejandro Giammattei overwhelmingly won election as the country's next president
6:16PM ( 5 hours ago )
Epstein death shifts federal focus to possible conspirators
Federal prosecutors are turning their attention to possible charges against anyone who conspired with the wealthy financier Jeffrey Epstein in his alleged sexual abuse of underage girls.
5:59PM ( 5 hours ago )
Top General short headlines
After ICE raids in Mississippi, hopefuls flock to job fair
Job seekers have flocked to an employment fair in hopes of filling jobs at a Mississippi chicken processing facility, days after immigration agents arrested 680 Latino workers in a workplace sting at seven plants
6:25PM ( 5 hours ago )
Turmoil calms as Puerto Rico governor turns to policy
Puerto Rico's political turmoil seemed to be at least temporarily easing, with attention shifting to policy rather than protests
6:17PM ( 5 hours ago )
NCAA amends agent rules to no longer require college degree
NCAA backtracks, will not require bachelor's degree for agents representing NBA draft hopefuls who keep college eligibility
5:03PM ( 6 hours ago )
AP Business
Argentine markets fall as primary hints at Fernández return
Argentine stocks and currency are plummeted after Argentine President Mauricio Macri was snubbed by voters who appeared to hand a resounding primary victory to a populist ticket with his predecessor, Cristina Fernández
2:46PM ( 9 hours ago )
Trump overhauls endangered species protections
The Trump administration has rolled out some of the broadest changes in decades to enforcement of the landmark Endangered Species Act, which critics contend could speed extinction for some struggling plants and animals
1:46PM ( 10 hours ago )
Trump overhauls landmark endangered species protections
The Trump administration has rolled out some of the broadest changes in decades to enforcement of the landmark Endangered Species Act, which critics contend could speed extinction for some struggling plants and animals
12:29PM ( 11 hours ago )
AP Business - Economy
Democratic hopefuls take aim at insurer and pharma profits
AP estimate finds $97B in pharma and insurer profits as Democratic hopefuls take aim at industry gains
7:42AM ( 1 day ago )
Zimbabwe's children suffer from country's economic crisis
With power cuts lasting 19 hours per day, debilitating water shortages, inflation at 175% and many basic items in scarce supply, Zimbabwe's children are the silent victims of the once-prosperous southern African country's debilitating economic downfall
5:59AM ( 1 day ago )
Stocks fall again on trade-war worries, capping a wild week
Stocks stumbled Friday as worries flared yet again that President Donald Trump's trade war with China may be worsening. It was a fitting end to a wild week
5:04PM ( 3 days ago )
AP Business - Financial Markets
Questions swirl around Epstein's monitoring before suicide
Attorney General William Barr says the Justice Department has "serious irregularities" at the federal jail where Jeffrey Epstein took his own life over the weekend
11:21PM ( 34 minutes ago )
Indians top BoSox 6-5 on Santana walk-off, 1st in AL Central
Santana hits walk-off homer in ninth as Indians beat Red Sox 6-5, move into first place in AL Central.
11:01PM ( 54 minutes ago )
Hong Kong leader defends police, dodges protesters' demands
Hong Kong leader Carrie Lam defended law enforcement actions after protesters prompted an airport shutdown with calls to investigate alleged police brutality
10:59PM ( 56 minutes ago )
5 Russian nuclear engineers buried after rocket explosion
Russians attend funerals of 5 nuclear engineers killed by an explosion as they tested a new rocket engine, a tragedy that fueled radiation fears and questions about a secretive weapons program
10:43PM ( 1 hour ago )
Cosby lawyers ask appeals court to toss #MeToo conviction
A Pennsylvania appeals court questioned why Bill Cosby's legal team never got a supposed non-prosecution agreement in writing as his latest lawyers fought to have his sexual assault conviction overturned
10:35PM ( 1 hour ago )