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Escalating Tariff War: Nikkei Cascades 1,500Pts; TW Stocks Dive 6%, w/ Shippers Slipping; DJIA Futures Tumble 731Pts
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The U.S.’s additional 104% tariff on imported Chinese goods once again sent shockwaves to financial markets, with major Asia-Pacific stock indices tumbling across the board this morning (9th). Taiwan and Japan saw the steepest declines. U.S. stock futures also weakened, with the DJIA futures down 731 points or 1.9%; S&P 500 futures down 106 points or 2.1%, and Nasdaq futures down 373 points or 2.2%. China’s Shanghai and Shenzhen markets showed mixed trends. The Shanghai Composite Index added 7 points or 0.2% by midday to 3,152, while the Shenzhen Component Index gained 52 points or 0.6% to 9,477. Hong Kong’s Hang Seng Index slumped 312 points or 1.6% to 19,815 by midday, with turnover reaching HKD207.8 billion. Taiwan Stock Exchange Weighted Index suffered a sharp plunge, closing down 1,109 points or 6% at 17,350. TSMC sagged 4.3%; MediaTek stumbled 8.7%; and Hon Hai Precision (Foxconn), an Apple iPhone OEM, hit the day’s limit and dived for the third consecutive day, cratering 10%. Quanta Computer slid 6.8%. Shipping stocks Yang Ming, Evergreen and Wan Hai fell off between 9.7% and 9.9%. In Japan, stock losses aggravated in the afternoon, with the Nikkei 225 collapsing 1,534 points or 4.65% to 31,477. Semiconductor stocks were hit hard, with Tokyo Electron sagging 7.4%, and Advantest and Lasertec each tumbling 9.9% and 10%. South Korea’s Kospi Index sank 38 points or 1.7% to 2,295. SK Hynix subtracted 3%, and pharmaceutical stock Celltrion stumbled 5.5%. Despite emergency support policies for the auto sector, Kia dipped over 1%, and Hyundai Motor edged down 0.3%. AAStocks Financial News |
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