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June 19, 2018, 5:50 a.m. EDT

Chinese stocks end at 2-year low, Apple suppliers sink on trade-war worries

iPhone component-makers’ shares hit hard in Hong Kong, Taiwan

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By Dow Jones Newswire


Bloomberg News
Employees of Apple supplier Foxconn, aka Hon Hai Precision Industry, work on an assembly line in Shenzhen, China.

Asian exporters took a heavy hit Tuesday, with China stocks suffering their lowest close in two years, following President Donald Trump’s announcement of potentially $400 billion in additional tariffs against imports from that country.

In Japan, the yen jumped on that news, leaving the Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.34%  to finish down 1.8%. Export-related stocks slid, with Komatsu /zigman2/quotes/204002437/delayed JP:6301 +0.13% shedding 2.5% while Honda /zigman2/quotes/200490352/delayed JP:7267 +2.22% slumped 1.6%. The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.6771% was down 0.7% versus the yen at ¥109.77.

China stocks closed at their worst levels since June 2016 following Monday’s holiday and amid increased trade tensions with the U.S. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.84% fell 3.8% to and the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +2.15%  slid 6% to 1,666.66, its worst finish since September 2015.

ZTE Corp. /zigman2/quotes/209674390/delayed CN:000063 +2.08%  slid 25% on Tuesday after the U.S. Senate late Monday passed legislation to reinstate a ban on the selling of U.S. components to the Chinese telecommunications company.

Opinion: Fight over trade policy is like the fight over vaccines: there’s a lot of wrong information

Meanwhile, Chinese smartphone maker Xiaomi Corp. has decided to put off a widely anticipated initial public offering in mainland China, without giving a reason .

Apple Inc. /zigman2/quotes/202934861/composite AAPL +1.45% suppliers’ stocks were hit hard around the region, despite a report that U.S. tariffs would spare iPhones produced in China.

IPhone-camera maker Cowell E Holdings /zigman2/quotes/204953098/delayed HK:1415 +2.00% slumped 12% in Hong Kong to fresh record lows, while smartphone-lens maker Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +1.08% pulled back 5.3% and acoustics firm AAC Technologies /zigman2/quotes/201441510/delayed HK:2018 +0.62%  dropped 3.3%. In Taiwan, Sunny peer Largan Precision /zigman2/quotes/210444196/delayed TW:3008 -0.74%  ended down 5.2%. Apple product assembler Hon Hai Precision Industry /zigman2/quotes/207256514/delayed TW:2317 -1.19% dropped 2.4%.

The Hong Kong Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.17% closed down 2.8%, led by a 5.7% drop for Hong Kong-listed Chinese pork producer WH Group /zigman2/quotes/204247792/delayed HK:288 +0.70%  , which owns U.S.’s Smithfield Foods and is vulnerable to potential pork and soybean tariffs. Taiwan’s TAIEX  slid 1.7%.

Meanwhile, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.25% finished flat, as the Aussie dollar eased on global trade tensions. Korea’s benchmark /zigman2/quotes/210598069/delayed KR:180721 -0.67% dropped 1.5% and New Zealand’s NZX /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.70%  fell 1.2%.

From Tokyo, came one bright spot for otherwise battered Asian markets, with flea-market app Mercari Inc. /zigman2/quotes/206957726/delayed JP:4385 -2.20%  , closing up 77% over the offering price in To kyo, bringing its valuation to around $6.5 billion.

— Saumya Vaishampayan contributed to this report

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,479.15
+78.45 +0.34%
Volume: 0.00
Feb. 20, 2020 3:15p
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/zigman2/quotes/204002437/delayed
JP : Japan: Tokyo
¥ 2,300.00
+3.00 +0.13%
Volume: 3.56M
Feb. 20, 2020 3:00p
P/E Ratio
10.47
Dividend Yield
4.78%
Market Cap
¥2169.27 billion
Rev. per Employee
¥45.51M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,041.00
+66.00 +2.22%
Volume: 5.69M
Feb. 20, 2020 3:00p
P/E Ratio
11.32
Dividend Yield
3.68%
Market Cap
¥5197.06 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
112.1160
+0.7540 +0.6771%
Volume: 0.0000
Feb. 20, 2020 6:38a
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,030.15
+54.75 +1.84%
Volume: 34.57B
Feb. 20, 2020 3:00p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
1,886.14
+39.74 +2.15%
Volume: 55.17B
Feb. 20, 2020 3:00p
loading...
/zigman2/quotes/209674390/delayed
CN : China: Shenzhen
¥ 44.59
+0.91 +2.08%
Volume: 108.82M
Feb. 20, 2020 3:00p
P/E Ratio
42.71
Dividend Yield
0.00%
Market Cap
¥183.16 billion
Rev. per Employee
¥1.21M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 323.62
+4.62 +1.45%
Volume: 23.50M
Feb. 19, 2020 4:00p
P/E Ratio
25.56
Dividend Yield
0.95%
Market Cap
$1415.99 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/204953098/delayed
HK : Hong Kong
HK$ 2.04
+0.04 +2.00%
Volume: 4.66M
Feb. 20, 2020 4:08p
P/E Ratio
12.59
Dividend Yield
5.49%
Market Cap
HK$1.66 billion
Rev. per Employee
HK$1.24M
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 131.00
+1.40 +1.08%
Volume: 5.63M
Feb. 20, 2020 4:08p
P/E Ratio
45.56
Dividend Yield
0.51%
Market Cap
HK$142.15 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 57.15
+0.35 +0.62%
Volume: 5.77M
Feb. 20, 2020 4:08p
P/E Ratio
21.80
Dividend Yield
2.50%
Market Cap
HK$68.64 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/210444196/delayed
TW : Taiwan
NT$ 4,690.00
-35.00 -0.74%
Volume: 325,278
Feb. 20, 2020 1:30p
P/E Ratio
23.77
Dividend Yield
1.45%
Market Cap
NT$633.81 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207256514/delayed
TW : Taiwan
NT$ 82.80
-1.00 -1.19%
Volume: 35.21M
Feb. 20, 2020 1:30p
P/E Ratio
8.93
Dividend Yield
4.83%
Market Cap
NT$1161.60 billion
Rev. per Employee
NT$8.60M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,609.16
-46.65 -0.17%
Volume: 1.58M
Feb. 20, 2020 4:08p
loading...
/zigman2/quotes/204247792/delayed
HK : Hong Kong
HK$ 8.65
+0.06 +0.70%
Volume: 30.41M
Feb. 20, 2020 4:08p
P/E Ratio
16.29
Dividend Yield
2.31%
Market Cap
HK$126.51 billion
Rev. per Employee
HK$1.61M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,162.50
+17.90 +0.25%
Volume: 797,553
Feb. 20, 2020 5:23p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,195.50
-14.84 -0.67%
Volume: 709,563
Feb. 20, 2020 3:30p
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
12,064.86
+83.83 +0.70%
Volume: 0.00
Feb. 20, 2020 5:01p
loading...
/zigman2/quotes/206957726/delayed
JP : Japan: Tokyo
¥ 2,395.00
-54.00 -2.20%
Volume: 1.10M
Feb. 20, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥377.21 billion
Rev. per Employee
¥31.37M
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