Asian stocks hit their lowest level in 10 months
Publish Date : 2019/08/05 - 08:33

Today, on Monday, Asian stocks hit their lowest level in 10 months. As the trade war between the US and China intensified, the Chinese yuan also plummeted, pushing investors to invest in securities such as the yen, bonds and gold.

Fears are likely to spread to Europe and the Wall Street, as poor economic indicators are forecast.

The Stoxx50 index fell 1.1% in Asian trading.

London's FTSE index fell 1%.

Germany's DAX index has fallen 1.25%.

The S&P 500 index is down 1%.

The market has been badly influenced by Trump's statement about a 10% increase in tariffs on $300 billion in Chinese imports, ending the trade truce on both sides, as the Chinese government pointed to retaliatory measures on Friday.

In fact, China has resorted to a devaluation of its currency and a currency war.

The Bank of Australia said: "Everything is selling of right now. We have no reason to expect any cessation in selling unless we see any strong action to defend any CNY weakness."

Asian stocks have entered the red range.

Japan's Nikkei has fallen 1.7% to their lowest level since early June, raising concerns for the Japanese.

Australian stocks are down 2 percent.

South Korea's KOSPI index fell 2.6% to its lowest level since November 2016.

China's CSI300 index also declined 1 percent.

Source: Reuters

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