The Hong Kong stock market has plunged the most since the 1997 crisis in the midst of panic prices | News on the financial markets

The Benchmark Hang Seng index erects up to 13.74% in horror day for the Asia markets.

The Hong Kong stock market has undergone its highest decrease of one day in almost three decades in the middle of a wave of panic sales caused by the pricing announcements of US President Donald Trump.

The reference index of the HUB Financial Hang Seng closed 13.22% on Monday, after plunging up to 13.74% during the day.

It was the clearest the clearest for Hong Kong shares since the index dropped by 13.7% in a single day during the 1997 Asian financial crisis.

The worst day for Hong Kong shares during the 2007-2009 global financial crisis, the index dropped by 12.7%.

The rout intervened after Trump doubled his radical prices overnight, comparing measures to “medicine”, and after the announcement of China last week that she would retaliate with a 34% rate on American imports.

“Friday was a public holiday in Hong Kong, so what we see is the reaction to Trump’s prices and the reprisals of China. It is therefore a double blow,” said Carlos Casanova, main economist at UBP in Hong Kong told.

“To put this in context, previous reprisal measures have targeted less than 1% of total imports from China. The scale of the last measures is unprecedented,” said Casanova.

“We are in an unexplored territory.”

Alicia Garcia-Herrero, chief economist of Pacific Asian at Natixis, said that the diving in Hong Kong offered a more precise gauge of market expectations on how prices will affect the Chinese economy that the stock markets of the Chinese continent.

“The fact is that you cannot negotiate freely in China. You cannot short-circuit Chinese actions. You can do all of this in Hong Kong. It is obviously reflected what is much better than Chinese actions,” Garcia-Herrero told Al Jazeera.

The actions of Hong Kong were by far the most interpreters of a lamentable day overall for the markets of Asia, with actions in continental China, Japan, South Korea, Taiwan, Australia and Singapore, all steep decays.

The world’s stock markets have lost thousands of dollars of value since Trump unveiled all the scanning rates on almost all countries on Wednesday.

The American customs authorities began to impose a reference rate of 10% on imports on Sunday, with higher rights between 11% and 50% to enter into force on Wednesday.

American actions have lost more than $ 6 billions since the announcement of Trump’s “Liberation Day”.

Other steep losses are expected when Wall Street reopens on Monday, with term contracts linked to the S & P500 and NASDAQ -100 reference, heavy with technology – which are negotiated outside the usual market hours – down 2.7% and 3.55%, respectively.