the other mike
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Escalation of US-China trade tensions spooked investors as Wall Street opened deep in the red on Monday. The Dow Jones Industrial Average fell more than 580 points, or around 2 percent, after the opening bell.
The S&P 500 and the Nasdaq Composite were down 2 percent and 1.3 percent respectively.
US stocks followed the downturn on the Asian markets. Japan’s Nikkei declined 1.74 percent on trade tensions concerns, while Hong Kong's Hang Seng fell 2.85 percent and China’s Shanghai Composite closed 1.62 percent down.
European stocks also tumbled on Monday with the FTSE 100, representing the leading companies listed on the London Stock Exchange, down 2.78 percent. France's CAC 40 dropped by 2.26 percent and Germany's DAX was trading more than 5 percent lower in late afternoon trading.
Global stock markets crash as US trade war with China escalates
Washington has escalated the trade war with Beijing by accusing China of being a currency manipulator, after a Wall Street stock wipeout due to reports of Chinese retaliation to US tariffs.
“In recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past,” US Treasury Secretary Steven Mnuchin announced on Monday afternoon. “The context of these actions and the implausibility of China’s market stability rationale confirm that the purpose of China’s currency devaluation is to gain an unfair competitive advantage in international trade.”
Mnuchin’s designation triggers a set of measures mandated under the Omnibus Trade and Competitiveness Act of 1988, including a complaint to the International Monetary Fund (IMF). The law also calls for bilateral talks to eliminate the 'unfair' practice.
US Treasury declares China ‘currency manipulator’ after Wall Street suffers worst day of 2019
The S&P 500 and the Nasdaq Composite were down 2 percent and 1.3 percent respectively.
US stocks followed the downturn on the Asian markets. Japan’s Nikkei declined 1.74 percent on trade tensions concerns, while Hong Kong's Hang Seng fell 2.85 percent and China’s Shanghai Composite closed 1.62 percent down.
European stocks also tumbled on Monday with the FTSE 100, representing the leading companies listed on the London Stock Exchange, down 2.78 percent. France's CAC 40 dropped by 2.26 percent and Germany's DAX was trading more than 5 percent lower in late afternoon trading.
Global stock markets crash as US trade war with China escalates
Washington has escalated the trade war with Beijing by accusing China of being a currency manipulator, after a Wall Street stock wipeout due to reports of Chinese retaliation to US tariffs.
“In recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past,” US Treasury Secretary Steven Mnuchin announced on Monday afternoon. “The context of these actions and the implausibility of China’s market stability rationale confirm that the purpose of China’s currency devaluation is to gain an unfair competitive advantage in international trade.”
Mnuchin’s designation triggers a set of measures mandated under the Omnibus Trade and Competitiveness Act of 1988, including a complaint to the International Monetary Fund (IMF). The law also calls for bilateral talks to eliminate the 'unfair' practice.
US Treasury declares China ‘currency manipulator’ after Wall Street suffers worst day of 2019
