this post was submitted on 07 Apr 2025
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Hong Kong stock market plunges most since ’97 crisis amid tariffs panic (www.aljazeera.com)
submitted 1 day ago by [email protected] to c/[email protected]
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Author: John Power
Published on: 07/04/2025 | 00:00:00

AI Summary:
Hang Seng Index closed down 13.22 percent on Monday. It was the sharpest plunge for Hong Kong stocks since the index tumbled 13.7 percent in a single day during the 1997 Asian financial crisis. The rout came after Trump doubled down on his sweeping tariffs overnight, likening the measures to “medicine” and following China’s announcement last week that it would retaliate with a 34 percent tariff on US imports. Hong Kong stocks were by far the worst performers on a dismal day overall. Global stock markets have shed trillions of dollars in value since Trump announced sweeping tariffs on almost all countries on Wednesday. Further steep losses are likely when Wall Street reopens on Monday. Futures tied to the benchmark S&P500 and Nasdaq-100 down 2.7 percent and 3.55 percent.

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