Asia stocks sink on trade war worries

Asia stocks sink on trade war worries”

The iconic motorcycle company's announcement raised concern that escalating trade threats could lead to similar moves from other companies and dampen USA economic growth.

The US Treasury Department is drafting curbs that would block firms with at least 25 per cent Chinese ownership from buying US companies with 'industrially significant technology, ' a government official briefed on the matter said on Sunday.

Among big USA movers, Intel Corp. fell 3.4 per cent, Visa Inc. fell 3.2 per cent and Boeing Co. fell 2.2 per cent. The S&P technology index fell 2.3 percent, the most among the major S&P 11 sectors.

In a concrete outcome of the tit-for-tat trade blows, U.S. motorbike maker Harley-Davidson said late Monday it planned to shift some manufacturing overseas to avoid retaliatory European tariffs imposed last week.

The U.S. Treasury is due to issue its recommendations on Chinese investment restrictions on Friday.

Harley shares closed down 5.0 percent and analysts cut their profit forecasts on concerns about how quickly the company would be able to adapt to the 25 percent import duties the European Union began charging on June 22. The comments, made at a press briefing with European Commission Vice President Jyrki Katainen, come as both sides prepared to face off against US President Donald Trump's tariff threats. CFIUS reviews-or the threat of reviews-have largely halted Chinese purchases of US semiconductor companies.

Xi was speaking Thursday to the Global CEO Council, a China-organised group of roughly 20 chief executives from mostly Western multinational companies such as Goldman Sachs and Volkswagen, the Journal said.

This is starting to look like a high stakes ping pong match with another CNBC headline saying it all: 'Dow drops more than 300 points as investors brace for further trade actions against China'.

"A trade war means lower global GDP".

On Monday morning, however, Treasury Secretary Steven Mnuchin tweeted that the WSJ report was "fake news" and said the policy being prepared by the Treasury Department "will be out not specific to China, but to all countries that are trying to steal our technology".

Foreign investments already must pass interagency review under the Committee on Foreign Investment in the USA, to see if they violate national security.

Chinese tech stocks are getting whacked on the news.

A bill to make CFIUS reviews even tougher is making its way through Congress.

On Wall Street, the Dow Jones Industrial Average fell 328.09 points, or 1.33 percent, to 24,252.8, the S&P 500 lost 37.81 points, or 1.37 percent, to 2,717.07, and the Nasdaq Composite dropped 160.81 points, or 2.09 percent, to 7,532.01.

Like this



26 June 2018
Queen chats with Sarah, Duchess of York during Royal Ascot
Alpha Centauri is already a best-priced 6-1 co-favorite in Europe with Without Parole, the victor Tuesday of the Group 1 St. Veracious and Aim Of Artemis led the field into the home straight, but Alpha Centauri soon loomed up ominously.

26 June 2018
England advances with 6-1 win v Panama
Hurst, who got his hat trick in England's 4-2 victory over West Germany in the 1966 World Cup final, also had that ability. He looks England's most effective scorer since Alan Shearer 20 years ago, the sort of finisher who transforms a team.

26 June 2018
Spain snatches draw with Morocco to top group
Though already eliminated, Morocco had an objective of their own: to ensure they did not leave the competition goalless. De Gea was criticised after his blunder gave Ronaldo one of his three goals in in Spain's draw with Portugal.

26 June 2018
Trump Joins Sarah Sanders In Ethics Violations Over Restaurant Refusal
DJT steakhouse at Trump International Hotel on the Las Vegas Strip was cited for 51 violations during a routine inspection in 2012.

26 June 2018
Christian Horner doubts Daniel Ricciardo would leave Red Bull for 'lapped' teams
And clearly the team felt that by going over from Renault to Honda , it is going to give them a better chance of winning. And so Dutchman Verstappen says he is not anxious about being Honda powered from 2019.

26 June 2018
Sixers 'heavy favorite' to land Kawhi Leonard, per report
San Antonio's hope is to work out its issues with Kawhi, and sign the National Basketball Association star to a max deal. When that didn't happen, it's all kinds of sirens and alarm signals that says to me, 'Is this person fully vested?'.

25 June 2018
Major oil spill spreads across Iowa floodwaters, forcing evacuations after train derails
ConocoPhillips spokesman Daren Beaudo said each tanker can hold more than 25,000 gallons (20,817 imperial gallons) of oil. Metropolitan Utilities District, which provides the Omaha metro area's drinking water, said it was monitoring the spill.

25 June 2018
Iranian fans attempt to disrupt Portugal’s sleep at hotel
Iran coach Carlos Queiroz has already declared the match against Portugal as the most interesting and important match. Iran is so desperate that they even started shouting from outside CR7s hotel room, to not allow him sleep.

25 June 2018
Apple is working on high-end headphones to compete with Bose
Apple is also said to be internally thinking about adding biometric sensors for new AirPods, including a heart-rate monitor. Additionally, Apple is rumored to be working on a wireless charging case that works with the upcoming AirPower charger .

25 June 2018
Supreme Court won't hear North Carolina districting dispute
The three-judge court concluded that some districts were nearly identical to the earlier versions and were rife with racial bias. By ruling on procedural grounds, the justices dodged a ruling on whether courts can hear such challenges in the first place.