Markets track Wall St loss with eyes on US race, China disappoints
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Asian equities sank in line with Wall Street as investors became uncertain about the presidential election and worried about China's economy. The White House is considering a crackdown on firms supplying chip technology to Beijing. Donald Trump called for Taiwan to pay Washington for help defending itself against China. Federal Reserve officials are ready to begin reducing rates due to a slowdown in inflation and a softening in the labor market. Initial jobless claims rose more than expected last week. The tech sector, which has led the surge in stocks this year, has taken a hit after the report of a warning from the White House over supplying China and Trump's warning over Taiwan. There is growing uncertainty over who will run against Trump in November's presidential election as calls for President Joe Biden to step aside continue to grow. Barack Obama has reportedly told allies that Biden should "seriously consider the viability of his candidacy". A Trump win is seen as positive for equities due to likely tax cuts and corporate deregulation, but there are worries about his plans to impose huge tariffs on Chinese imports. China's leaders provided no concrete support for the economy at a recent meeting in Beijing. Retail sales in China rose less than expected in June. Gross domestic product grew slower than forecast in the second quarter. Asian markets dropped following a bad day on Wall Street. Tokyo's Nikkei 225 was down 0.4 percent, Hong Kong's Hang Seng Index was down 1.8 percent, and Shanghai's Composite was down 0.5 percent. The euro was down against the dollar, while the pound was also down against the dollar. West Texas Intermediate was down 0.9 percent and Brent North Sea Crude was down 0.7 percent. The Dow was down 1.3 percent in New York, while the FTSE 100 was up 0.2 percent in London.

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https://www.legit.ng/business-economy/economy/1603065-markets-track-wall-st-loss-eyes-race-china-disappoints/