Indian stock market seen wobbly as US tariffs on China spook global equities
5 years, 5 months ago

Indian stock market seen wobbly as US tariffs on China spook global equities

Live Mint  

Mumbai: Indian equities will likely remain under pressure on Friday, tracking weakness in global peers amid an escalation in the US-China trade war. Stock markets in Asia took a beating on Friday as investors scrambled for safe-haven assets after US President Donald Trump said he would slap a 10% tariff on the remaining $300 billion worth of Chinese imports from next month. China's state media quickly denounced the move, with the editor in chief of the Global Times saying on Friday that a trade deal between the US and China was now "further away." In global markets, the proposed levies by the US on China triggered a stampede for safe-haven assets, including US bonds, the yen and gold, while the yuan and the Australian dollar hit multi-month lows. The 10-year US bond yield fell almost 12 basis points on Thursday to 1.902%, hitting the lowest level since November 8, 2016, when Trump won a surprise victory in the presidential election.

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