MARKETS LIVE: Indices fall, Nifty below 10,750 on US-China trade war

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SI Reporter | New Delhi Last Updated at June 19, 2018 15:04 IST

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Benchmark indices are trading lower amid negative global cues, in absence of any strong domestic development. Investors are likely to remain cautious as US President Donald Trump threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war between the world’s two biggest economies that has rattled financial markets.

Trump warned on Monday that Washington would impose a 10 per cent tariff on $200 billion of Chinese goods after Beijing’s decision to raise tariffs on $50 billion in US goods. Trump said if China increases its tariffs again in response to the latest US move, “we will meet that action by pursuing additional tariffs on another $200 billion of goods.”

The retaliatory moves come after Trump said last week he was pushing ahead with tariffs on $50 billion of Chinese imports.

The trade frictions have kept financial markets on edge, with investors increasingly worried that a full-blown trade conflict could derail global growth.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.2 per cent to its lowest since early February, dragged down by a slide in Chinese shares.

The Shanghai Composite Index dropped 4 per cent and plumbed its lowest since July 2016 and Hong Kong's Hang Seng shed nearly 3 per cent.

Japan's Nikkei lost 1.4 per cent, South Korea's KOSPI retreated 0.9 per cent while Australian stocks bucked the trend and added 0.2 per cent helped by a depreciating currency and an overnight bounce in commodity prices.

(With inputs from Reuters)

First Published: Tue, June 19 2018. 08:00 IST