Stocks in Asia declined with U.S. equity futures after the Trump administration released the biggest list yet of Chinese goods it may hit with tariff increases¥. The climbed with Treasuries, while the Aussie and kiwi retreated.
The offshore yuan retreated by the most in more than a week, bringing to an end recent signs of stability, as the proposed list of $200 billion of Chinese imports was released. Stocks in Tokyo and Seoul were lower as futures on the S&P 500 Index tumbled, ending the positive tone to equities enjoyed at the start of the week thanks to optimism about the corporate-earnings season.
"This latest story will serve as a reality check for the market, reminding investors to reconsider how aggressive they want to be," said Michael O'Rourke, chief market strategist at JonesTrading. "Regardless, the $200 billion in potential additional tariffs is not a surprise. The president made everyone well aware of them."