Asian stocks back in the red, China indexes down 2% on tariff angst
- Asian equities are in full retreat as risk sentiment takes a beating from further US tariff threats.
- US-China trade war implications continue to hobble Chinese equity indexes, dragging the broader Asia-Pacific session lower.
Asian stocks are back on the defensive, with equity indexes sliding steeply into red territory after the US announced plans to pile further tariffs on China.
The US will be seeking tariffs on a further $200 billion USD worth of Chinese imported goods after China failed to balk at the last batch of tariffs on Friday, with Shanghai coolly imposing their own planned tariffs in retaliation.
Japan's Nikkei 225 is down -1.75% for the day, with Tokyo's Topix index also down -1.45%; Australia's ASX 200 index and the MSCI Asia-Pacific broad index are comparatively better off, but still stepping lower, down -0.60% and -0.05% respectively. China equities are the big losers of the day so far, with Shanghai CSI 300 Composite down by 2.50% and the Hong Kong Hang Seng index close behind at -2.20%.
Hang Seng levels to watch
Hong Kong's Hang Seng index is stepping further into bearish territory for 2018, closing in on the year's low at 27,830.00. The index is currently trading into 28,180.00 after gapping lower from yesterday's close at 28,700.00, and any bullish moves will be capped off by the last swing high at 28,980.00.
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
