Tariff Talk Sinks Stocks
Chinese mainland stocks sank on Friday on fears of escalating trade reprisals between the U.S. and China as both countries announced new tariffs.
The Shanghai Composite Index, the benchmark for mainland stocks, slumped 3.39% to close at 3,152.76, with construction materials, electronics and communication companies down the most.
The Shenzhen Component Index, where most Chinese technology companies are listed, fell 4.02%, while Hang Seng Index, which is more intricately linked with the global financial system, shed 2.45% for the day. The heavyweight shares of Tencent Holdings Ltd., which lost 4.41% of its value, dragged on the Hong Kong index.
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