NEW YORK: US stocks plunged more than two percent Friday after President Donald Trump warned of tariffs on an additional $100 billion of Chinese imports, provoking a strong response from Beijing and fanning fears of a full-blown trade war. The barbs over trade overshadowed a lackluster jobs report, which placed US jobs growth at 103,000 in March, well below analyst expectations. European equity markets also retreated, but not as severely, with Paris, Frankfurt and London falling half a percentage point or less. Hong Kong however outperformed regional peers with a sizeable 1.1-percent gain, with the market playing catch-up after Thursday’s closure. The more muted response overseas likely reflects skepticism that the harsh trade rhetoric between the US and China will be followed up with concrete action.

Source: New Strait Times April 06, 2018 23:15 UTC