Tokyo stocks open lower as trade war worries resurface | Fin24

Tokyo stocks open lower as trade war worries resurface

Jul 11 2018 07:32

Tokyo - Tokyo stocks opened lower on Wednesday as worries about a trade war resurfaced after the United States announced a new list of Chinese export goods subject to tariffs.

The benchmark Nikkei 225 index fell 0.84%, or 187.00 points, to 22 009.89 in early trade while the broader Topix index was down 0.70%, or 12.08 points, at 1 704.05.

"Sales are seen dominating after US trading in after hours saw declines following media reports that President Trump is nearing the release of an additional list of Chinese exports to the US subject to new US tariffs," SBI Securities said in a commentary.

The US late on Tuesday announced it was starting the process to slap 10% tariffs on another $200bn in Chinese export goods as soon as September, escalating the trade war between the world's two largest economies.

In Asia, the dollar was quoted at ¥110.93, against ¥110.26 in New York late on Tuesday.

In Tokyo, exporters and China-related shares were lower, with electronic parts maker Rohm dropping 4.82% to ¥4 821 and construction machinery maker Komatsu trading down 2.32% at ¥3 104.

Market heavyweight Fast Retailing, Uniqlo casual wear operator, was also lower, trading down 0.84% at ¥48 150.

In New York, the Dow ended up 0.6% at 24 919.66.

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markets  |  tokyo stocks


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