Asian markets sink as U.S.-China tensions increase, U.S. tech shares slide

Asian markets sink as U.S.-China tensions rise, U.S. tech stocks fall

Shares fell in Asia early Friday, following climbing tensions in between the U.S. and China and a selloff of tech stocks on Wall Street.

Hong Kong’s Cling Seng index
HSI,
-2.42%
fell 1.9% though the Shanghai Composite
SHCOMP,
-3.85%
sank 2.3% and the scaled-down-cap Shenzhen Composite
399106,
-5.01%
slide 2.9%. South Korea’s Kospi
180721,
-.49%
declined .6%, and benchmark indexes in Taiwan
Y9999,
-.87%
, Singapore
STI,
-1.05%
and Indonesia
JAKIDX,
-.90%
all dropped. Australia’s S&P/ASX 200
XJO,
-1.28%
retreated 1.2%.

Marketplaces in Japan had been shut for a holiday.

On Friday, China purchased the U.S. consulate in the western city of Chengdu shut, in retaliation for the U.S. closure of the Chinese consulate in Houston next allegations of spying.

“For investors, what matters is regardless of whether political escalation morphs into economic escalation. So significantly, there are no hints still that either side is inclined to ramp up the trade war in a world-wide economic downturn,” wrote Stephen Innes, chief world markets strategist at AxiCorp, in a note.

Shares on Wall Street sank Thursday, led by declines by Apple
AAPL,
-4.55%
and Microsoft
MSFT,
-4.34%
.

The Dow Jones Industrial Ordinary
DJIA,
-1.30%
shut 353.51 details decrease, or 1.3%, to 26,652.33, though the S&P 500 index
SPX,
-1.23%
concluded down 40.36 points, or 1.2%, at 3,235.66. The know-how-large Nasdaq Composite Index
COMP,
-2.28%
misplaced 244.71 details, or 2.3%, to 10,461.42.

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