Hong Kong, Other Asian Markets Fall On US Tariff

Hong Kong stocks tumbled on Friday as world markets are pummelled by Donald Trump's decision to throw up tariffs on steel and aluminium imports, which many fear could spark a global trade war.

The Hang Seng Index fell 1.5 percent, to end at 30,583.

On the mainland, the Shanghai Composite Index lost 0.6 percent, to 3,254, and the Shenzhen Composite Index fell 0.6 percent, to 1,822.

In Japan, shares slumped as investors grew increasingly wary about the yen's rise against the US dollar, which weighs on Japanese exporters.

The Tokyo benchmark Nikkei 225 index gave up 2.5 percent, to 21,181.

Sydney and Singapore each gave up 0.8 percent. Wellington, Manila, Taipei and Jakarta were also well down.

Aluminium and steel firms took a hit across the region, while firms that use the products – such as electronics and auto makers – were also much lower.

The greenback sank against its major peers in New York and extended the losses in Asia, while high-yielding currencies such as the Korean won, Mexican peso and Australian dollar were also higher. (AFP)