Markets Right Now: Asian stocks fall as trade war escalates

Analyst on China trade Trump is going home empty handed

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

Investors now have new hope, as some say the rise could last for an extended period. The Dow and Nasdaq have climbed 10 and almost 18 percent, respectively.

Thus, Mr. Higgins said, Capital Economics projects US stock prices will sink further, with the S&P 500 ending the year at 2,300.

Some argue the reaction to the trade spat is potentially overblown, yet the repeated flare-ups continue to make investors nervous.

On Monday, China laid out plans for an increase of tariffs by as much as 25% on some $60 billion in imports from the US. Hong Kong's Hang Seng slipped 1.5%, catching up after a market holiday on Monday.

In response, some are trimming investments in stocks and favoring cash or other assets considered safer. He holds a BA in Economics from Rutgers University. Most economists argue tariffs lead to higher costs for American consumers and companies while also hitting growth overseas, a toxic mix for the USA that could even tip it into recession. European stocks, with the FTSE 100 index down 0.1%.

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"Whether or not it's going to be able to show follow through tomorrow is still questionable unless we get another tweet effectively", he said in an interview.

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The S&P 500 Index rose 0.8% as of 4 p.m.

The Nasdaq index declined sharply to a low of $7296.

McKesson Corp. stock rose 3.4% after the supply-chain management company reported first-quarter earnings above expectations.

In one sign of investor caution, $14 billion flowed out of USA mutual and exchange-traded funds during the week ended Wednesday, the largest weekly outflow since late January, according to a Bank of America Merrill Lynch analysis of EPFR Global data. The Nasdaq, which is heavily weighted with technology stocks, slid 3.5%, on track for its biggest daily loss of the year.

The Aussie dollar is buying US69.23¢, from US69.76¢ on Tuesday.

But at the weekend, his national economic adviser, Larry Kudlow, said United States businesses and consumers would be among the ones to foot the bill for the trade war, saying that "both sides will suffer". Stocks came off their lows in afternoon trading Monday after Trump said he had not decided if he would slap tariffs on the remainder of Chinese goods.

The major Asian stock indexes finished lower on Tuesday as investors reacted to Monday's weak trade on Wall Street. The move stoked fears of a global economic downturn.

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The Dow and S&P 500 had their worst day since January 3, according to Refinitiv. It fell to 6.5 Monday.

"Such an inversion of the curve has often been accompanied, or followed, by a downturn in the USA economy and stock market", Mr. Higgins said. As it is, the USA remain in preparation for further tariffs for implementation.

Jobs data is set to be released on Thursday, and economists expect the unemployment rate to tick up to 5.1 per cent for April, with about 15,000 new jobs created in the month. "They must be a part of US action", he said.

The yearlong trade frictions between the world's two biggest economies re-escalated last week when the Trump administration announced a 25 per cent punitive tariff on thousands of Chinese products.

China on Monday announced tariff increases on $60 billion of USA imports, particularly farm products like soybeans.

The miners, health care, and tech sectors were also all up more than one per cent and every sector was in the black.

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