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Market turmoil spreads to Asia

Asian stock markets slumped Wednesday as jitters spread over Italy's escalating political crisis and renewed US-China...

Posted: May 30, 2018 12:51 PM
Updated: May 30, 2018 12:51 PM

Asian stock markets slumped Wednesday as jitters spread over Italy's escalating political crisis and renewed US-China trade tensions.

Japan's Nikkei and Hong Kong's Hang Seng both fell around 1.5%, while the Shanghai Composite sank more than 2%.

Markets were calmer in morning trading in Europe, with most major indexes posting small gains or losses.

The declines across Asia came after a sell-off Tuesday in Europe and the United States, where the Dow closed down 1.6%.

Traders in Asia said investors were exiting riskier assets such as stocks after political turmoil in Italy sparked fears over the future of the euro and the White House revived plans to slap tariffs on $50 billion worth of Chinese goods.

Italy is headed for new elections after populist politicians failed to form a government, and investors worry the result could throw the European Union into turmoil. They are demanding higher yields to hold Italian government debt.

"This potential crisis is monumental," Stephen Innes, head of Asia-Pacific trading at foreign exchange firm Oanda, said in a note to clients.

Related: Italy crisis rocks markets. Here's why investors are worried

He pointed out that Italy's economy is far bigger than that of Greece, the source of the last eurozone crisis.

Investors in Asia are also worried about President Donald Trump's hardening stance on trade with China. The administration announced Tuesday that it would proceed with its proposal to impose 25% tariffs on $50 billion worth of goods from China and place new limits on Chinese investments in US high-tech industries.

The decision was a surprise, coming less than two weeks after China and the United States said they had agreed to put threats of new tariffs on hold.

China's Commerce Ministry said the Trump administration's latest announcement is "obviously in violation of the consensus" reached by the two countries in recent talks.

Jingyi Pan, a market strategist at broker IG Group, said the move may be interpreted as a negotiating tactic ahead of Commerce Secretary Wilbur Ross' planned visit to China this weekend for more trade talks. But it's still adding to negative sentiment in Asian markets, she added.

The gloomy mood may not continue in US markets later Wednesday, though. Dow futures were indicating slight gains.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 608519

Reported Deaths: 9693
CountyCasesDeaths
Marion840461335
Lake45349684
Allen32803548
Hamilton29394315
St. Joseph27380381
Elkhart24404345
Vanderburgh19411249
Tippecanoe17970138
Johnson15069295
Porter14783169
Hendricks14401248
Madison10965221
Vigo10726181
Clark10677144
Monroe9383110
Delaware9116134
LaPorte9065163
Howard8236144
Kosciusko806983
Warrick672999
Hancock6697104
Bartholomew6484100
Floyd6428110
Wayne6136162
Grant5991115
Dubois555579
Boone551168
Morgan541295
Henry507864
Marshall503984
Cass483263
Dearborn479845
Noble473059
Jackson425047
Shelby417581
Lawrence391079
Clinton373043
Gibson370359
Harrison348144
DeKalb347164
Montgomery345754
Knox335639
Miami321444
Steuben313745
Whitley307326
Wabash303251
Adams300936
Ripley298445
Putnam296850
Huntington291659
Jasper289034
White273243
Daviess270474
Jefferson263338
Decatur247683
Fayette247148
Greene239862
Posey239328
Wells236051
LaGrange228862
Scott225339
Clay222532
Randolph213548
Jennings198936
Sullivan192333
Spencer191321
Washington186423
Fountain184027
Starke175443
Jay167623
Owen165737
Fulton164030
Orange159534
Carroll158015
Rush155118
Perry154229
Vermillion149134
Franklin148333
Tipton132332
Parke13078
Pike116926
Blackford111022
Pulaski97037
Newton90921
Brown88035
Benton86610
Crawford7999
Martin73713
Warren6817
Switzerland6615
Union6287
Ohio4907
Unassigned0376

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 859841

Reported Deaths: 10680
CountyCasesDeaths
Franklin101171707
Cuyahoga855711125
Hamilton64017448
Montgomery43107418
Summit34836761
Lucas31350625
Butler30973232
Stark25786435
Warren19671140
Lorain19017223
Mahoning17321338
Lake16080154
Clermont15926111
Delaware1438878
Licking13204137
Trumbull12809316
Fairfield1279381
Greene12055137
Medina11591168
Clark10942265
Wood10348158
Allen9897126
Portage9296109
Miami916873
Richland9139118
Marion7459113
Tuscarawas7381182
Columbiana7327124
Pickaway726150
Wayne7034171
Muskingum703141
Erie6152129
Hancock552390
Ross548998
Scioto539164
Geauga508455
Darke470292
Ashtabula453073
Lawrence452654
Union451828
Sandusky436662
Mercer433589
Seneca430166
Huron428741
Auglaize422264
Shelby421222
Jefferson419269
Belmont416840
Washington388740
Athens38009
Putnam374975
Madison355129
Knox352622
Ashland344938
Fulton338443
Defiance330086
Crawford322374
Preble320637
Brown312921
Logan307332
Ottawa293943
Clinton290143
Williams278667
Highland275118
Jackson263845
Guernsey254125
Champaign252028
Fayette236530
Morrow23234
Perry231318
Holmes225474
Henry218749
Hardin213033
Coshocton205622
Van Wert202245
Gallia196726
Wyandot196051
Pike176217
Adams176115
Hocking172024
Carroll155616
Paulding144321
Noble120540
Meigs108624
Monroe100732
Harrison89121
Morgan83130
Vinton70213
Unassigned00
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