Economy

China trade war bleeds markets

China trade war bleeds markets

Investor wealth today slumped by Rs 1.57 lakh crore, following heavy selling in the broader market where the BSE benchmark index tanked about 410 points to close at a five-month low.

Though the fall in the benchmark Indian equity indices were the least when compared to other Asian markets, which fell in a range of 2-4.5 per cent, investors anxious that the domestic markets can't be sheltered from a global trade war and its likely negative impact on global commodity prices.

"Asian Markets are trading lower as China has unveiled a list of 128 USA products as potential retaliation targets against tariffs imposed by President Donald Trump", it said.

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United's 787s also connect Houston in the southern USA to Australia, crossing over 13,800km in around 17-and-half hours. The world's longest regular passenger flight is operated by Qatar Airways between Doha and Auckland, at 9,025 miles.

For the fourth straight week, the flagship BSE Sensex recorded a fall of 579.46 points, or 1.75%, while the NSE Nifty lost 197.10 points, or 1.93%. Meanwhile, the Nifty was trading lower by 136.15 points or 1.35% at 9,978.60.

Hong Kong's Hang Seng and Japan's Nikkei was trading more than 800 points lower on Friday. The broader indices underperformed the benchmark indices with Nifty Mid-cap and Nifty Small-cap declining 0.84% and 1.44%, respectively. However, it plunged into the negative zone to touch a low of 32,963.31 in afternoon trade as fresh worries appeared after reports that the US President is mulling new import tariffs on China.

The escalating tensions between Beijing and Washington sent shivers through financial markets, as investors foresaw dire consequences for the global economy if trade barriers start going up.

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Major Sensex gainers on Friday were: Adani Ports, up 0.99 per cent at Rs 361.70; Infosys, up 0.75 per cent at Rs 1167.45; Power Grid, up 0.54 per cent at Rs 194.25; Mahindra and Mahindra, up 0.47 per cent at Rs 733.25; and Coal India, up 0.09 per cent at Rs 269.25.

"Market corrected 10% from its peak while metal & PSU banks continue to be the laggards".

As far as other progressive markets are concerned, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 2.4 per cent, tracking a huge overnight fall in the USA markets. "Additionally, European and Asian bourses declined after the US Federal Reserve raised interest rates by 25 basis points, for the first time this year and signalled that it still expects to deliver two more before the end of the year".

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