Latest Global Business News

Global markets tumble as China hits back at U.S. with retaliatory tariffs

 
And heightened tensions between the world's two biggest economies sent global shares plunging on Monday with the Dow wiping out more than 600 points... to post its worst day since January 3rd.
 
All major indexes on the New York Stock Exchange closed in the red.
South Korean shares also dropped on the first day of the trading week,... while the Koreean won traded at its lowest point against the greenback in over two years.
 
Kim Hyo-sun reports.
 
Shares prices plummeted around the world on Monday following China's retaliatory tariffs on U.S. imports worth 60 billion U.S. dollars,... signaling an escalation in the trade war between the world's two largest economies.
 
The Dow Jones Industrial Average and S&P 500 closed 2-point-38 and 2-point-41 percent lower on Monday,... as investors dumped trade-sensitive shares.
 
The Dow was even down more than 700 points, or nearly three percent, in the afternoon,... with global aircraft manufacturer Boeing and equipment and machinery giant Caterpillar falling the most.
 
Both companies get a significant amount of revenue from China and could lose heavily if the trade war lingers.
Intel and Apple also dropped as 25 and 18 percent of their revenue comes from China, according to FactSet data.
 
The plunge in Apple shares also came after the U.S. Supreme Court ruled that consumers are now able to pursue an antitrust lawsuit against the company for exerting monopoly power through its App Store.
 
The S&P 500 and tech-heavy Nasdaq Composite had their worst day of the year.
Major European stock markets also slid with the pan-European STOXX 600 index dropping 1-point-2 percent.
At their close, Frankfurt's DAX and Paris' CAC 40 dropped 1-point-52 and 1-point-22 percent, respectively.
 
global markets plummet on trade war tariffs
 
Amid the worsening trade dispute between Washington and Beijing,... South Korean shares also dropped on Monday with the benchmark KOSPI plunging 1-point-38 percent, to close at 2,079,... the lowest since January 14th.
 
The local currency closed at 1,187-point-5 won against the U.S. dollar,... down 10-point-5 won from the previous close and marking its lowest point in over two years.

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