Asian markets are getting pummelled as the trade war reignites

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The trade truce between the United States and China may be on the cusp of unravelling, and financial markets don’t like it one bit.

Stocks are tumbling on Monday, especially in China. Commodities are also under pressure, as are currencies closely linked to the performance of the Chinese economy, such as the Australian and New Zealand dollars.

Chinese markets are bearing the brunt of the selling pressure with stocks and the Chinese yuan both down heavily from their previous closing level.

Here’s the China scoreboard at 11.45am in Sydney.

Shanghai Composite 2,964.64 , -3.69%
SSE50 2,832.78 , -3.82%
Shenzhen Composite 1,571.08 , -4.00%
CSI300 3,756.50 , -4.00%
CSI500 5,087.11 , -4.15%
Hang Seng 29,376.19 , -2.41%
USD/CNY 6.7882 , 0.81%
USD/CNH 6.7991 , 0.99%

The moves in Chinese markets are being replicated in other other parts of Asia, and in US stock futures, although the declines have been less pronounced at this point.

Australia ASX 200 6263.60 , -1.14%
NZ NZX 50 9963.59 , -0.94%
Sth Korea KOSPI 2196.32 , -0.74%
Sinagpore STI 3306.08 , -2.54%
S&P 500 Futures 2891.5 , -1.90%

Currencies across the region are also under pressure, the exception being the Japanese yen which is benefiting from safe haven flows.

AUD/USD 0.6976 , -0.67%
NZD/USD 0.6610 , -0.51%
USD/JPY 110.42 , -0.60%
USD/CNY 6.7869 , 0.79%
USD/CNH 6.7979 , 0.98%
USD/HKD 7.8447 , 0.00%
USD/KRW 1172 , 0.72%
USD/SGD 1.3637 , 0.25%
USD/TWD 30.90 , 0.15%
USD/PHP 52.04 , 0.53%
USD/MYR 4.147 , 0.13%
USD/IDR 14310 , 0.42%
USD/THB 31.97 , 0.22%
US Dollar Index 97.52 , 0.00%

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