Asian shares deepen losses, with Tokyo's Nikkei down 5%, as latest US tariffs take effect [Globe and Mail, The (Toronto, Canada)]
HON HAI PRECSON S/GDR NEW (HNHPF)
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Source: Globe and Mail, The
Markets have been wobbly for days, with investors flummoxed over what to make of President Donald Trump’s trade war. On Tuesday, the S&P 500 dropped 1.6% after wiping out an early gain of 4.1%. That took it nearly 19% below its record set in February. The Dow Jones Industrial Average dropped 0.8%, while the Nasdaq composite lost 2.1%. Stocks had rallied globally on Tuesday, with indexes up 6% in Tokyo, 2.5% in Paris and 1.6% in Shanghai. Any optimism or buying enthusiasm appeared to have dissipated by the time the sharply higher tariffs became reality. The Nikkei 225 lost 3.9% to 31,714.03. In Hong Kong, the Hang Seng lost 0.4% to 20,041.03, while the Shanghai Composite index reversed early losses, gaining 0.9%. to 3,173.56. Taiwan led losses in Asia, as its Taiex plunged 5.8%. Big tech manufacturers were among the biggest decliners. Computer chip giant TSMC Corp. dropped 3.8% while iPhone maker Hon Hai Precision Industry plunged 10%. South Korea's Kospi lost 1.7% to 2,293.70, a
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