Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
SHANGHAI, May 6 (Reuters) - Chinese investors dumped stocks and sold the country's yuan in early trade on Monday, while seeking safety in bonds, as U.S. President Donald Trump's tariff threats roiled Asian financial markets.
China's blue-chip CSI300 index tumbled 3.5 percent at the opening bell, while the Shanghai Composite Index shed 3.0 percent. Hong Kong's Hang Seng index plunged 2.5 percent.
China's currency, the yuan, dropped to 6.7980 to the dollar in early trade, its weakest level in 3-1/2 months , while the 10-year treasury futures opened up 0.41 percent.
Trump dramatically increased pressure on China to reach a trade deal by announcing on Sunday he would hike U.S. tariffs on $200 billion worth of Chinese goods this week and target hundreds of billions more.
The move marked a major escalation in trade tensions between the world's two largest economies and a shift in tone from Trump, who cited progress in talks as recently as Friday.
He also said he would target a further $325 billion of Chinese goods with 25 percent tariffs "shortly".
Escalating tensions, the Wall Street Journal reported on Monday that China was considering cancelling trade talks scheduled for this week following Trump's threats.
Chinese officials were scheduled to meet their U.S. counterparts in Washington on Wednesday after meeting in Beijing last week for a round that Treasury Secretary Steven Mnuchin described as "productive."
Investors have been particularly concerned about a re-escalation in Sino-U.S. trade relations, especially since robust gains in Chinese equities this year were partly due to optimism they would reach a deal.
"In the near term, investors are rightfully worried since the lingering threat of a trade war weighed on risk assets in 2018, especially in Asia," Tai Hui, Chief Market Strategist, Asia Pacific, J.P. Morgan Asset Management, said in a note. (Luoyan Liu, Andrew Galbraith and Samuel Shen; Editing by Sam Holmes)