Asian markets closed mostly lower after the U.S. government released a list of $200 billion worth of Chinese goods to be hit with 10 percent tariffs and China announced it will take "necessary countermeasures." The move comes after Washington imposed a 25 percent tariff on $34 billion worth of Chinese imports last Friday, leading China to retaliate by imposing tariffs on $34 billion worth of U.S. exports.
Mainland China markets took the worst hit, as escalating trade tensions between the world's two largest economies returned to focus. In Australia, energy, materials and utilities sectors recorded the largest declines. The trade war between the US and China could have ’serious consequences’ for Australia, KPMG economists warned.
European markets closed sharply lower following the lead from Asia as trade war concerns weighed on investor sentiment. The pan-European Stoxx 600 ended the day down by 1.2 percent, with all sectors in the red. Automakers were hit with Volkswagen falling 2.56 percent, BMW dropping 1.42 percent and Daimler declining 2.01 percent. In Paris, Renault was lower by 2.33 percent and Peugeot decreased 0.99 percent.
Across the Atlantic, U.S. stocks finished the session in the red after the Trump administration published the list of 10 percent tariffs on an additional $200 billion worth of Chinese goods. Shares of Boeing and Caterpillar — two companies with high overseas revenue exposure — fell 1.9 percent and 3.2 percent, respectively, according to CNBC.
In U.S. economic news, the Labour Department released a report showing producer prices increased 0.3% in March compared to the previous month.
World Markets Headlines Today
Hong Kong and China shares fall as US threatens more tariffs (Nikkei Asian Review)
India: Sensex, Nifty set for cautious start; TCS, PNB Housing Finance in focus (Mint)
Australia: Stocks whacked by trade fears (Australian Business Review)
European Shares To Drift Lower As US Steps Up China Trade Spat (RTT News)
European markets open sharply lower on trade war concerns (CNBC)
European markets are sharply lower today with shares in Germany off the most (CNN Money)
U.S. stocks in broad retreat as latest China tariffs rekindle trade-war jitters (Marketwatch)
Stocks Sell Off With Trade Tensions Escalating (Bloomberg)
Dow Tumbles as Trump Launches New Trade Threats at China (The Street)
Gold prices edge lower on firmer dollar amid US-China trade worries, Oil falls after US softens stance on Iranian sanction waivers (Reuters)
25 Major Markets Stock Indices Closing Data
All Continents Stock Indices Closing Data
Tokyo's Nikkei 225 fell 1.19% while Hong Kong's Hang Seng dropped 1.29%. China's Shanghai Composite was off 1.78%. Seoul's KOSPI was lower by 0.59%. Mumbai's Sensex increased 0.07% while Nifty 50 advanced 1.05%. Australia's ASX200 was off 0.68%. Singapore's STI finished 0.79% in the hole. Jakarta's Composite grew 0.20% and Taiwan's Weighted Index was down 0.74%.
The Paneuropean STOXX600 fell 1.26%. France's CAC decreased 1.48%. London's FTSE was lower by 1.30%. Belgium's BEL 20 moved downward 0.63%. Amsterdam's AEX lost 1.31%. Moscow's IMOEX decreased 0.34%. In Southern Europe, Lisbon's PSI20 was up 0.34% while Spain's IBEX 35 dropped 1.23% and Italy's FTSE MIB fell 1.58%.
In Scandinavia, Stockholm's OMXS30 was down 1.43% while Copenhagen's OMXC25 decreased 0.55%. Helsinki's OMXHPI finished the day 1.21% in the hole
In Central Eastern Europe, Budapest's BUX dropped 0.96% while Warsaw's WIG was off 0.87%. Prague's PX ticked down 0.05% and Bratislava's SAX was unchanged. Tallinn's OMXT was down 0.18% while Riga's OMXR decreased 0.52%. In Vilnius,the OMXV was off 0.13%.
In South Eastern Europe, Bucharest's BET was up 0.21% while Sofia's Sofix decreased 0.65%. Belgrade's Belex fell 0.56%. Podgorica's MNSE10 advanced 0.55%. Sarajevo's SASX10 was up 0.50% while Banja Luka's BIRS was lower by 1.43%. Ljubljana's SBI Top rose 0.25%. Zagreb's CROBEX dropped 0.15%. In Skopje, the MBI10 added 0.60. Istanbul's BIST100 slumped 5.18%. In Athens, the General Index finished the day 0.14% in the red while in Nicosia was down 0.90%.
Egypt's EGX30 rose 0.20% and Johannesburg's ASI fell 1.37%. Nigeria's ASI decreased 0.45% while Nairobi's ASI fell 1.11%. Namibia's Overall Index dropped 1.78%. Mauritius' SEMDEX ticked down 0.05%. Uganda's ASI was off 0.41% and Zimbabwe's Industrial Index lost 0.06%.
In Canada, the S&P TSX Composite fell 0.79%. In the U.S., the Dow Jones dropped
0.88% while the S&P 500 fell 0.71%.The Nasdaw was off 0.55%. Mexico's IPC gained 0.07%, while Brazil's Bovespa lower moved downward 0.62%. Chile's IPSA was lower by 0.48%.