Chinese markets slump as tit-for-tat sanctions raise tension with US and Europe
CNN
Chinese stocks fell by as much as 3% on Tuesday as the United States and its allies announced new sanctions on Beijing, a sign that its relationship with the West has hit another snag.
Hong Kong's benchmark Hang Seng Index (HSI) was Asia's worst performer, closing down 1.3%, after recovering slightly from a tumble of more than 3% earlier in the day. China's Shanghai Composite (SHCOMP) index fell 0.9%. The rest of the region also struggled: South Korea's Kospi (KOSPI) and Japan's Nikkei (N225) lost 1% and 0.6%, respectively. "Investors' nerves were rattled" by the sanctions, "muddying the geopolitical waters," said Jeffrey Halley, senior market analyst for Asia Pacific at Oanda.
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