Asian stocks declined for a fifth straight day, led by material stocks, as China said it will take counter measures if the U.S. issues a list of goods for new tariffs.
The MSCI Asia Pacific Index fell 1.5 percent to 169.99 as of 4:25 p.m. in Hong Kong, as a sub-gauge for material stocks dropped more than 2 percent. The Shanghai Composite Index closed at the lowest level in two years, while Hong Kong’s Hang Seng Index slipped 2.8 percent as markets reopened after a holiday Monday. Philippine stocks plunged for a fourth consecutive session to the lowest level in almost 15 months, taking the benchmark closer to bear territory.
President Donald Trump directed his trade representative to identify another $200 billion in Chinese imports for additional tariffs of 10 percent. China’s Ministry of Commerce in Beijing said it would retaliate with "strong" counter measures.
Taiex -1.7%. Kospi index -1.5%, Kospi 200 index -1.3%. S&P/ASX 200 little changed, New Zealand’s S&P/NZX 50 -1.2%.
Straits Times Index -0.5%, Malaysia’s KLCI -1.3%, Philippines Stock Exchange PSEi Index -1.4%, Thailand’s SET Index -2.1%, Vietnam’s VN-Index -2.6%, Indonesia closed for a holiday.
BSE Sensex -0.5%, NSE Nifty 50 -0.6%.