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Stock impact report

Stocks deepen losses as U.S. puts yuan in trade war crosshairs [Reuters]

Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG) 
US:NYSE Investor Relations: smfg.co.jp/english/investor
Company Research Source: Reuters
Stocks deepen losses as U.S. puts yuan in trade war crosshairs - Reuters 3 Min Read TOKYO (Reuters) - Global stocks extended their already substantial losses and the offshore yuan hit an all-time low on Tuesday after Washington designated Beijing a currency manipulator in a rapid escalation of the U.S.-China trade war. U.S. Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing. The Trump administration’s dramatic move against China hastened the risk aversion seen in global markets this week. On Monday, China let the yuan slide in response to the latest U.S. tariffs, which are expected to further aggravate trade tensions between the world’s two largest economies. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.75% to its lowest since January. Japan's Nikkei .N225 shed 2.7%, Austral Show less Read more
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