Asian Stock Markets Lower Due to Tensions Between China and the US. Asian stock markets showed significant losses on Friday.
The mounting tensions between the economic superpowers China and the United States caused a negative mood on the stock exchange floors.
The technology companies, in particular, were sold in response to the significant exchange rate losses among American peers. The major financial markets in Tokyo were closed due to a holiday period in Japan.
The main index in Shanghai lost 3 percent in the meantime. Beijing announced on Friday that it had given Washington the order to close the US consulate in Chengdu, a city of approximately 10 million inhabitants in central China.
Earlier this week, China was forced by the Americans to close the Chinese consulate in the Texas city of Houston over suspicions of espionage and theft of US intellectual property.
In Hong Kong, the Hang Seng index agonized an interim loss of over 2 percent. Chinese technology company Tencent lost 5 percent.
The All Ordinaries in Sydney fell 1.2 percent led by Australian banks and oil companies. The Kospi in Seoul lost 0.6 percent.