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 Grasp Seng index
fell 1.9% whereas the Shanghai Composite
sank 2.3% and the smaller-cap Shenzhen Composite
slide 2.9%. South Korea’s Kospi
declined 0.6%, and benchmark indexes in Taiwan
all dropped. Australia’s S&P/ASX 200
Markets in Japan had been closed for a vacation.
On Friday, China ordered the U.S. consulate within the western metropolis of Chengdu closed, in retaliation for the U.S. closure of the Chinese language 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 world markets strategist at AxiCorp, in a be aware.
Stocks on Wall Street sank Thursday, led by declines by Apple
The Dow Jones Industrial Common
closed 353.51 factors decrease, or 1.3%, to 26,652.33, whereas the S&P 500 index
completed down 40.36 factors, or 1.2%, at 3,235.66. The technology-heavy Nasdaq Composite Index
misplaced 244.71 factors, or 2.3%, to 10,461.42.