Hong Kong stocks snap 4-day rising streak on trade war fears

Hong Kong stocks fell on Wednesday, breaking a four-day rising streak, as fears of a Sino-U.S. trade war outweighed optimism from China’s solid economic data.

The Hang Seng index fell 0.5 percent to 31,435.01, while the China Enterprises Index lost 0.5 percent to 12,684.52 points.

U.S. President Donald Trump is seeking to impose tariffs on up to $ 60 billion of Chinese imports in the very near future and will target the technology and telecommunications sectors, Reuters reported on Tuesday. Also fuelling fears of a trade war, Trump has fired his Secretary of State, regarded as a moderate in his administration.

Investors shrugged off stronger-than-expected data from China which showed the country’s industrial output expanded at a surprisingly faster pace at the start of the year. Fixed asset investment also handily beat forecasts, while retail sales improved from December.

Source: Reuters

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Tokyo Stocks Snap Four-Day Winning Streak

Tokyo stocks fell Wednesday, snapping a four-day winning streak, as investors locked in profits after US President Donald Trump replaced his top diplomat and reports said he is planning new tariffs on China.

The benchmark Nikkei 225 index fell 0.87 percent, or 190.81 points, to 21,777.29. The broader Topix index slipped 0.45 percent, or 7.82 points, to 1,743.21.

The Tokyo market got off to a poor start after US and European stocks fell Tuesday on growing worries about a trade war.

And markets reacted with worry to Trump’s decision to sack his secretary of state Rex Tillerson and name current CIA chief Mike Pompeo to succeed him.

Analysts viewed Tillerson as a fan of free markets and fear Pompeo may take a harsher line on trade issues.

Source : AFP

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Stock market erases gains; Nasdaq’s 77-day win streak in jeopardy

Early gains on Wall Street fizzled out with the S&P 500 and Nasdaq Composite trading in negative territory on Tuesday as tech and energy sectors came under pressure.

Stocks earlier shook off President Donald Trump’s decision to replace Secretary of State Rex Tillerson, choosing Central Intelligence Agency Director Mike Pompeo to take over the role.

Stocks rallied earlier after closely watched consumer-inflation data was in line with expectations, helping to placate worries rising prices would hasten interest-rate hikes by the Federal Reserve.

The S&P 500 index was down 0.4% at 2,773. Losses in the energy, technology and financials sectors outweighed gains in the rest of the market.

The Dow Jones Industrial Average % which earlier was up as much as 181 points, fell 101 poitns, or 0.4%, to 25,077. General Electric, American Express and Microsoft Corp were leading the losses.

The Nasdaq Composite Index retreated from an intraday record high set earlier, to trade 64 points, or 0.8%, lower at 7,524. If the index closes lower, it will break a seven-day winning streak.

Source: Marketwatch

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