Chinese and Hong Kong stocks experienced significant declines as trade war concerns intensified. Hong Kong’s Hang Seng index plummeted by 9%, while China’s CSI300 fell over 5%. The yuan also hit its lowest point since January. UBS economist Tao Wang warned of a substantial economic impact due to the escalating trade tensions between the U.S. and China. Investors rapidly withdrew from sectors linked to global growth and trade, with heavy selling across nearly every sector. The focus now shifts to Beijing for measures to support Chinese exporters and stabilize the domestic economy.
— new from Reuters
