Asian equity markets closed lower on Thursday as trade tensions intensified and the US Federal Reserve signaled it stayed on course to increase borrowing costs in September and likely again in December. US President Donald Trump has escalated his trade war with China, ordering his administration to consider raising the proposed tariff on $200 billion worth of Chinese imports to 25 percent from the 10 percent announced earlier. A spokesperson for China's Foreign Ministry accused the US of ‘blackmail’ and warned of inevitable countermeasures if the US takes further escalatory steps. Chinese stocks ended lower, with rising trade tensions as well as speculation over even tighter property restrictions weighing on markets. Further, Japanese shares fell as the yen strengthened on safe-haven demand after an escalation in the Sino-US trade war.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,767.23 | -57.30 | -2.07 |
Hang Seng | 27,714.56 | -626.18 | -2.26 |
Jakarta Composite | 6,011.72 | -21.70 | -0.36 |
KLSE Composite | 1,778.13 | -10.18 | -0.57 |
Nikkei 225 | 22,512.53 | -234.17 | -1.04 |
Straits Times | 3,286.32 | -42.69 | -1.30 |
KOSPI Composite | 2,270.20 | -36.87 | -1.62 |
Taiwan Weighted | 10,929.77 | -168.36 | -1.54 |
