Asian stocks continue to plunge
Apr 07, 2025
Washington [US], April 7: Stocks in Asia fell sharply in the opening session on the morning of April 7, although US President Donald Trump affirmed that he did not want to cause a market sell-off when imposing new tariffs.
AFP reported on April 7 that Asian stock markets plunged further amid trade war concerns after the US announced reciprocal tariffs, although US President Donald Trump affirmed that he did not want to cause a market sell-off.
Hong Kong stocks fell more than 9% on April 7 after China announced a 34% tariff in response to the US. The Hang Seng Index fell 9.28%, or 2,119.76 points. In mainland China, the Shanghai Composite Index fell 4.21%, or 140.84 points.
In Australia, blue chips fell 6% after trading opened on the morning of April 7. The benchmark index of the country's 200 largest listed companies fell more than 6% after the open. Australia's blue chip ASX200 index is now down more than 10% since the start of the year. The index fell to its lowest level in nearly 15 months on April 7.
Australian Prime Minister Anthony Albanese said his government was preparing for more uncertain times. "You can't change global events. What you can do is prepare," he told reporters.
The US imposed a 10% tariff on Australian goods in an announcement last week.
In Singapore, stocks fell more than 7% in the opening session on the morning of April 7. The Straits Times Index fell 7.37%, equivalent to 281.84 points.
Taiwan 's Taiex stock also fell 9.8% on the same day, after a long weekend that included two public holidays from April 3-4.
Taiwan's financial regulator announced temporary limits on short selling on April 6 to stabilize the market when trading resumes the following day. The measure will apply until April 11.
In Japan, the Nikkei fell 6%, its lowest since late 2023, while South Korea's .KS11 index fell 5%.
Source: Thanh Nien Newspaper
