Asian markets ended lower on Monday due to heavy selling pressure after the yuan's depreciation sparked fears of a currency war. China's central bank allowed its yuan to fall below the politically sensitive level of seven to the US dollar, fueling speculation that Beijing was allowing currency depreciation to counter US President Donald Trump's latest tariff threat. Chinese shares ended lower ahead of July trade and inflation data due this week. Further, Japanese shares closed sharply lower to hit a two-month low as investors grew nervous about a prolonged US-China trade war, with a rapidly strengthening yen dragging down exporters like Sony, Nissan, Panasonic and Daikin Industries.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,821.50 | -46.34 | -1.62 |
Hang Seng | 26,151.32 | -767.26 | -2.85 |
Jakarta Composite | 6,175.70 | -164.48 | -2.59 |
KLSE Composite | 1,610.41 | -16.35 | -1.01 |
Nikkei 225 | 20,720.29 | -366.87 | -1.74 |
Straits Times | 3,194.51 | -66.60 | -2.04 |
KOSPI Composite | 1,946.98 | -51.15 | -2.56 |
Taiwan Weighted | 10,423.41 | -125.63 | -1.19 |
