Daily Management Review

Chinese stocks fall more than 5% amid US-China trade conflict


05/06/2019


Shares in China fell amid escalating tensions between the US and China, after US President Donald Trump announced an upcoming increase in duties on Chinese goods.



The Shanghai Composite Index to fell by 5.58% to 2,906.46 points. The Shenzhen Composite fell 7.38% to 1,515.80 points.

The CSI 300 index, which tracks the shares of the largest public companies in mainland China, ended the day with a decline of 5.84% to 3,684.62 points.

Hong Kong's Hang Seng Index lost 2.9% and the trading day was closing it was at the level of 29,209.82 points.

Meanwhile, the Australian stock index ASX 200 fell by 0.82% on the basis of trading on Monday.

The exchanges of Japan and South Korea are closed on the occasion of the holidays.

On the eve, of Trump wrote on Twitter that he is going to increase tariffs on imports of Chinese goods in the amount of $ 200 billion from 10% to 25% on Friday. He also threatened to introduce a 25% tariff for additional goods worth $ 325 billion in the near future.

Earlier it was expected that this week trade negotiations between Washington and Beijing will reach the final straight and the deal will be concluded.

After Trump’s declarations of readiness to raise duties, information appeared that China was ready to cancel or at least postpone the next round of talks that was to take place this week in the United States.

However, during a press conference on Monday, Foreign Ministry spokesman Geng Shuang said that the country’s delegation was still "preparing for a trip to the United States for trade negotiations."

source: reuters.com






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