Equity MRK
Monday, November 12, 2018   
Adani Ports  328.60    (-2.45%)
 
Asian Paints  1275.55    (-1.74%)
 
Axis Bank  606.20    (-1.04%)
 
Bajaj Auto  2647.00    (-1.80%)
 
Bharti Airtel  295.35    (-1.04%)
 
Coal India  264.05    (-1.55%)
 
H D F C  1795.05    (-1.20%)
 
HDFC Bank  1923.35    (-1.35%)
 
Hero Motocorp  2837.50    (-3.82%)
 
Hind. Unilever  1653.85    (-1.12%)
 
ICICI Bank  352.30    (-0.98%)
 
IndusInd Bank  1491.65    (-0.35%)
 
Infosys  664.45    (0.45%)
 
ITC  273.85    (-1.23%)
 
Kotak Mah. Ban...  1155.90    (1.59%)
 
Larsen & Toubr...  1367.00    (0.02%)
 
M & M  780.30    (-2.06%)
 
Maruti Suzuki  7073.90    (-2.64%)
 
NTPC  152.80    (-0.97%)
 
O N G C  156.00    (-0.29%)
 
Power Grid Cor...  186.00    (-2.87%)
 
Reliance Inds.  1078.75    (-1.34%)
 
St Bk of India  277.75    (-1.86%)
 
Sun Pharma.Ind...  589.55    (-1.07%)
 
Tata Motors  185.95    (-4.84%)
 
Tata Motors-DV...  100.60    (-4.19%)
 
Tata Steel  582.90    (1.67%)
 
TCS  1915.90    (0.32%)
 
Vedanta  203.45    (-2.59%)
 
Wipro  323.80    (-0.34%)
 
Yes Bank  222.75    (-2.24%)
 
Market Menu
plusminDaily Market Tracker
plusminNews
Corporate Information
Corporate Actions
Other Markets
Close
You are here : Equity | News | Foreign Markets
China: Stocks tumble 1.8% as US ramps up trade row, threatens new tariffs
(16:03, 11 Jul 2018)
Headline indices of the Mainland China equity market tumbled on Wednesday, 11 July 2018, amid an escalating trade spat between the United States and China after the release of a list of an additional $200 billion in Chinese goods on which the U.S. is considering imposing tariffs. At the close, the benchmark Shanghai Composite Index dropped 1.8%, or 49.85 points, to 2,777.77, meanwhile the Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 2%, or 31.16 points, to 1,554.62. The blue-chip CSI300 index slipped 1.7%, or 60 points, to 3,407.53.

The United States government decided to impose the extra tariffs after efforts to negotiate a solution to the dispute failed to reach an agreement. The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10% tariffs on an extra $200 billion worth of Chinese imports.

U.S. officials released a list of thousands of Chinese imports the administration wants to hit with the new tariffs, including hundreds of food products as well as tobacco, chemicals, coal, steel and aluminum. It also includes consumer goods ranging from car tires, furniture, wood products, handbags and suitcases, to dog and cat food, baseball gloves, carpets, doors, bicycles, skis, golf bags, toilet paper and beauty products.

Last week, Washington imposed 25% tariffs on $34 billion of Chinese imports, drawing immediate retaliatory duties from Beijing on US imports in the first shots of a heated trade war. US President Donald Trump had warned then that his country may ultimately impose tariffs on more than $500 billion worth of Chinese imports.

The news sent stocks tumbling, and prompted a senior Chinese commerce ministry official to warn that the United States was harming the global trade order.

Shares of technology and property developers paced the declines on the mainland and in Hong Kong. Beijing Certificate Authority fell by the 10% daily limit to 27.57 yuan in Shenzhen and Tianze Information Industry slumped by 8.9% to 13.48 yuan.

Shares of Tesla's Chinese suppliers defied the downward trend in the broader market, after the US manufacturer of electrical vehicles said it will set up a Gigafactory in Shanghai with an annual output of 500,000 units. Shenzhen Kedali Industry surged by the 10% daily cap to 29.57 yuan and VT Industrial Technology jumped by 10% to 33.77 yuan. Shanghai Baolong Automotive added 7.4% to 29.46 yuan.

ECONOMIC NEWS:- China's producer inflation accelerated to a six-month high in June, lifted by strong commodity prices and threatening to put more pressure on the country's exporters amid Sino-U.S. trade tensions. Annual consumer inflation also edged up as food prices rose at a faster pace, official data showed. The producer price index (PPI) — a gauge of industrial profitability — rose 4.7% in June from a year earlier, compared with a 4.1-percent increase in May, according to the National Bureau of Statistics. On a month-on-month basis, the PPI rose 0.3% in June, compared with 0.4-percent growth in May. The consumer price index (CPI) rose 1.9% in June from a year earlier. On a month-on-month basis, the CPI fell 0.1%. The core consumer price index, which strips out volatile food and energy prices, was unchanged at 1.9% in June.

CURRENCY NEWS: The Chinese yuan was down against the dollar on Wednesday, despite the People's Bank of China fixed stronger mid-point rate amid escalation of the trade conflict. Washington's latest move, which comes just days after both countries imposed tit-for-tat tariffs on $34 billion of each other's goods, ups the ante in a heated trade dispute that has rattled global financial markets. The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 25 basis points to 6.6234 against the U.S. dollar Wednesday, according to the China Foreign Exchange Trade System. The onshore yuan opened at 6.6694 per dollar and was changing hands at 6.6660. The offshore yuan was at 6.6726 per dollar after hitting a low of 6.6918, down nearly 0.5% on day at one point in Asian trade.

Powered by Capital Market - Live News