Asian markets tumble after Wall St battering as China retaliates — International Business

Dow plunges 700 points amid escalating trade war between US, China

The S&P 500 was up 22.54 points, or 0.80 percent, to 2,834.41. The losses so far in May have now erased the market's gains from April.

Property business, Goodman Group (ASX:GMG) has announced its assets under management hit $44.1 billion, with $3.7 billion of development work in progress. Chipmakers were among the biggest decliners.

The index also displayed resilience to heavy losses overnight on Wall Street after Beijing retaliated against Washington's latest salvo in the trade row.

If nothing is accomplished over the next three or four weeks, the U.S.is expected to slap additional tariffs on China.

To recap, the most recent round of talks between the USA and China in Washington went nowhere, leaving markets to ponder the impact on global economic growth of a protracted fight.

"The larger issue with the tariffs isn't the specific amounts of tariffs at any given time, but the uncertainty that's surrounding these tariffs and the 'what's-next?' of an escalating trade war", said Willie Delwiche, investment strategist at Baird.

Providing critical information for the USA trading day. Earlier, it was down 719 points.

Technology companies, which would stand to lose greatly in an extended trade battle, led the broad sell-off.

Both the pan-European STOXX 600 and the S&P 500 have fallen since May 3, the trading session before Trump slammed China on trade and threatened more tariffs on billions of dollars of imports from the world's No. 2 economy. Last week marked the index's largest one-week decline since December 21.

Japan's Nikkei has added 0.6 per cent, Hong Kong's Hang Seng has added 1 per cent and the Shanghai Composite has gained 1.9 per cent.

The prospects of global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute had rattled investors on Monday after China announced plans to hit back with tariffs on US goods. Trump also said the U.S.is in a "great position", noting that "our economy has been very powerful; theirs has not been".

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The decision came after the United States move to increase additional tariffs on 200 billion USA dollars worth of Chinese goods from 10 per cent to 25 per cent as of May 10. The price of soybeans slid 0.8% to $8.04 a bushel. The falling price has put pressure on USA farmers.

"An eventual agreement still seems the most likely outcome, although political miscalculation is a rising risk", said Paul Christopher, head of global market strategy at Wells Fargo Investment Institute.

The stand-off has sent shockwaves through trading floors, where most dealers had a little over a week ago been confident the two sides were close to a deal.

But Asian stocks fell on Monday as traders followed Wall Street's example and braced themselves for a prolonged trade war.

Bank stocks also fell sharply.

Data showed import prices increased 0.2% last month, while economists polled by Reuters had forecast a 0.7% rise.

Treasuries pared gains after the two-year yield touched the lowest level since February 2018, while the 10-year rate traded around 2.38%. Shares in Webster (ASX:WBA) closed 0.7 per cent lower at $1.52. European indexes were mostly down a bit more than 1%.

The benchmark S&P/ASX200 index was down 44.3 points, or 0.71 per cent, to 6,284.2 points at 1630 AEST on Tuesday.

Of the 11 major sectors of the S&P 500, all but utilities were in the black. "Obviously, it may create some distortion in the market and this is what we want to avoid".

Teva, which was specifically mentioned, sank 16.8%. The falling price has put pressure on US farmers. Newmont Goldcorp rose 2.5%. US crude dropped 1% to settle at $61.04 per barrel. Brent crude, the global standard, picked up 29 cents to $70.52 per barrel. Oil retreated and gold rose. Copper rose a penny to $2.73 a pound.

The dollar rose to 109.64 yen from 109.34 yen. The euro held steady at $1.1231.

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