Asian markets drop on U.S.–China trade tensions
Asian stocks fell Monday after Wall Street logged its worst day since April, as President Donald Trump threatened higher tariffs on China in response to Beijing’s rare‑earth export restrictions. China’s customs data showed September exports rose 8.3% year‑over‑year overall but plunged 27% to the U.S., underscoring supply‑chain shifts as investors recalibrated risks; U.S. futures rebounded modestly.
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📌 Key Facts
- S&P 500 fell 2.7% Friday to 6,552.51; Dow −1.9% to 45,479.60; Nasdaq −3.6% to 22,204.43 (worst S&P day since April).
- Trump threatened to raise tariffs further, citing China’s new rare‑earth export curbs; he also said there is “no reason” to meet Xi Jinping.
- China Sept exports: +8.3% y/y overall; exports to U.S.: −27% y/y.
- Asian moves: Hang Seng −2.2%; Shanghai −0.2%; Kospi −0.7%; ASX 200 −0.8%; Taiwan Taiex −1.4% (Tokyo closed).
- 10‑year U.S. Treasury yield fell to 4.05%; WTI crude slid 4.2% to ~$58.90 amid Israel–Hamas ceasefire; S&P 500 futures +1.4% early Monday.