Asian stocks get beaten down as Trump announces fresh tariffs on China
No surprises as the risk averse mood carries over to Asian trading, with the Hang Seng down by 2.1% and the Shanghai Composite also down by 1.6% currently.
European equities are expected to show similar declines as they ended their day (on a more positive note in fact) yesterday before the tariffs announcement hit the wires.
Markets remain cautious for the most part as the trade talks in September are in doubt now and we'll have to see how China responds to the matter for any further clues. Either way, the additional tariffs won't help ease ongoing worries about the global economy.
USD/JPY holds lower at 107.13 but off lows below the 107.00 handle seen earlier in the day.
