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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 +1.59%  to finish down 1.8%. Export-related stocks slid, with Komatsu /zigman2/quotes/204002437/delayed JP:6301 +2.68% shedding 2.5% while Honda /zigman2/quotes/200490352/delayed JP:7267 +3.15% slumped 1.6%. The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2630% 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 -1.56% fell 3.8% to and the Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 -2.07%  slid 6% to 1,666.66, its worst finish since September 2015.

ZTE Corp. /zigman2/quotes/209674390/delayed CN:000063 -4.64%  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 +0.29% 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 -3.85% slumped 12% in Hong Kong to fresh record lows, while smartphone-lens maker Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -3.09% pulled back 5.3% and acoustics firm AAC Technologies /zigman2/quotes/201441510/delayed HK:2018 -5.86%  dropped 3.3%. In Taiwan, Sunny peer Largan Precision /zigman2/quotes/210444196/delayed TW:3008 -0.12%  ended down 5.2%. Apple product assembler Hon Hai Precision Industry /zigman2/quotes/207256514/delayed TW:2317 +0.35% dropped 2.4%.

The Hong Kong Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.01% 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 -0.13%  , 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 +1.88% finished flat, as the Aussie dollar eased on global trade tensions. Korea’s benchmark /zigman2/quotes/210598069/delayed KR:180721 +0.84% dropped 1.5% and New Zealand’s NZX /zigman2/quotes/211587880/delayed NZ:NZ50GR +1.01%  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 +3.69%  , 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
22,945.50
+358.49 +1.59%
Volume: 0.00
July 15, 2020 3:15p
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/zigman2/quotes/204002437/delayed
JP : Japan: Tokyo
¥ 2,276.50
+59.50 +2.68%
Volume: 4.05M
July 15, 2020 3:00p
P/E Ratio
13.98
Dividend Yield
4.13%
Market Cap
¥2094.23 billion
Rev. per Employee
¥45.51M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 2,845.50
+87.00 +3.15%
Volume: 4.10M
July 15, 2020 3:00p
P/E Ratio
10.99
Dividend Yield
0.00%
Market Cap
¥4762.85 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9520
-0.2820 -0.2630%
Volume: 0.0000
July 15, 2020 2:58p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,361.30
-53.31 -1.56%
Volume: 49.20B
July 15, 2020 3:01p
loading...
/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,261.80
-47.77 -2.07%
Volume: 67.09B
July 15, 2020 3:00p
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/zigman2/quotes/209674390/delayed
CN : China: Shenzhen
¥ 42.72
-2.08 -4.64%
Volume: 121.37M
July 15, 2020 3:00p
P/E Ratio
35.86
Dividend Yield
0.47%
Market Cap
¥190.32 billion
Rev. per Employee
¥1.21M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 389.34
+1.11 +0.29%
Volume: 31.09M
July 15, 2020 2:58p
P/E Ratio
30.64
Dividend Yield
0.84%
Market Cap
$1682.72 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/204953098/delayed
HK : Hong Kong
HK$ 3.25
-0.13 -3.85%
Volume: 19.84M
July 15, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
7.47%
Market Cap
HK$2.81 billion
Rev. per Employee
HK$1.24M
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 134.80
-4.30 -3.09%
Volume: 11.61M
July 15, 2020 4:08p
P/E Ratio
32.81
Dividend Yield
0.60%
Market Cap
HK$152.57 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 55.40
-3.45 -5.86%
Volume: 23.01M
July 15, 2020 4:08p
P/E Ratio
26.73
Dividend Yield
0.72%
Market Cap
HK$71.12 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/210444196/delayed
TW : Taiwan
NT$ 4,015.00
-5.00 -0.12%
Volume: 596,590
July 15, 2020 1:30p
P/E Ratio
18.13
Dividend Yield
1.97%
Market Cap
NT$539.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207256514/delayed
TW : Taiwan
NT$ 86.60
+0.30 +0.35%
Volume: 47.81M
July 15, 2020 1:30p
P/E Ratio
12.42
Dividend Yield
4.85%
Market Cap
NT$1196.25 billion
Rev. per Employee
NT$8.60M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,481.58
+3.69 +0.01%
Volume: 1.85M
July 15, 2020 4:08p
loading...
/zigman2/quotes/204247792/delayed
HK : Hong Kong
HK$ 7.41
-0.01 -0.13%
Volume: 47.22M
July 15, 2020 4:08p
P/E Ratio
9.55
Dividend Yield
4.25%
Market Cap
HK$109.29 billion
Rev. per Employee
HK$1.61M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,052.90
+111.80 +1.88%
Volume: 656,101
July 15, 2020 4:59p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,201.88
+18.27 +0.84%
Volume: 830,266
July 15, 2020 3:32p
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,610.52
+116.38 +1.01%
Volume: 0.00
July 15, 2020 5:00p
loading...
/zigman2/quotes/206957726/delayed
JP : Japan: Tokyo
¥ 4,215.00
+150.00 +3.69%
Volume: 1.32M
July 15, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥634.55 billion
Rev. per Employee
¥31.37M
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