Asian stocks plunge on USChina trade war worries

BEIJING — Asian stock markets plunged Friday after President Donald Trump’s surprise threat of tariff hikes on additional Chinese imports.Tokyo’s main market index fell 2.5% and Hong Kong’s benchmark lost 2.3%. Markets in Shanghai, Sydney and Seoul also declined.Trump’s announcement of 10% tariffs on $300 billion of Chinese goods, due to take effect Sept. 1, surprised investors after the White House said Beijing promised to buy more farm goods. That came as their latest round of trade talks ended in Shanghai.That added to investor unease following Federal Reserve Chairman Jerome Powell’s suggestion Wednesday that the U.S. central bank had no plans for an extended cycle of interest rate cuts.“Markets are reeling after President Trump expressed his frustration with China’s stalling techniques,” said Stephen Innes of VM Markets in a report. “With the global markets on edge after Chair Powell’s communication failed so miserably, few traders have been willing to step in front of this steamroller.”The Shanghai Composite Index lost 1.8% to 2,858.04 while Tokyo’s Nikkei 225 declined to 21,014.62.Hong Kong’s Hang Seng fell to 26,935.26 while Seoul’s Kospi shed 0.2% to 2,001.09. Sydney’s S&P-ASX 200 retreated 0.3% to 6,768.70 and India’s Sensex was down 0.8% at 36,718.75. Markets in New Zealand, Taiwan and Southeast Asia also declined.On Wall Street, the benchmark Standard & Poor’s 500 fell for a fourth day, losing 0.9% to 2,953.56.The Dow Jones Industrial Average declined 1% to 26,583.42. The Nasdaq composite ended 0.8% lower at 8,111.12.The escalation in U.S.-Chinese trade tension comes after both sides resumed negotiations.In a series of tweets, Trump noted that while slow-moving negotiations have been “constructive,” China has not followed through on some prior agreements.Washington has imposed tariffs of 25% on $250 billion worth of Chinese goods over complaints Beijing steals or pressures companies to hand over technology. Beijing retaliated with tariffs on $110 billion of American goods, including agricultural products, in a direct shot at Trump supporters in the U.S. farm belt.Unlike earlier tariffs, which were meant to minimize the impact on ordinary Americans by targeting industrial goods, the new ones would affect a wide range of consumer products.Trump also expressed frustration the Fed isn’t cutting interest rates more aggressively.The Fed cut its key interest rate for the first time in a decade Wednesday, citing uncertainty over the U.S. trade conflicts.U.S. share price declines come despite unexpectedly strong corporate earnings.Oil companies Exxon and Chevron will report results on Friday. The government will also release its employment report for July on Friday.Qualcomm fell 2.7% after the chipmaker gave investors a surprisingly weak profit and revenue forecast because of problems in China. A ban on exports to Chinese tech giant Huawei hangs over the company.JAPAN-KOREA TENSION: Japan’s Cabinet approved removing South Korea from a list of countries with preferential trade status, stepping up pressure in a dispute over export controls and compensation for wartime Korean labourers. The decision increases controls on exports of dozens of products with possible military uses. It follows a requirement for approval of sales to South Korea of materials used in semiconductors, smartphones and other high-tech devices. South Korea’s government expressed “deep regret” and said it will respond.ENERGY: Benchmark U.S. crude jumped $1 to $54.95 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $4.53 on Thursday — its biggest drop in more than four years — to $53.95. Brent crude, used to price international oils, soared $1.43 to $61.93 per barrel in London. It fell $4.55 the previous session to $60.50.CURRENCY: The dollar fell to 107.12 from Thursday’s 107.35 yen. The euro weakened to $1.1080 from $1.1085.Joe McDonald, The Associated Press read more

Harry Caray this Buds for you

FILE – In this undated photo, Chicago Cubs broadcaster Harry Caray sings “Take Me Out to the Ball Game” during a Chicago Cubs baseball game at Wrigley Field. Brewer Anheuser-Busch honored the legendary sportscaster, who died in 1998 having not seen his beloved Cubbies make it to the World Series, with a video that had him calling the end of Game 7, with the Cubs defeating the Cleveland Indians in an extra-inning 8-7 nail biter. The brewer also resuscitated 1984 Budweiser ad in which the Bud pitch man, and consumer, caught a cold one launched into the Wrigley Field bleachers using a net. (AP Photo) by Mae Anderson, The Associated Press Posted Nov 3, 2016 12:36 pm MDT Last Updated Nov 3, 2016 at 3:00 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Harry Caray, this Bud’s for you. NEW YORK, N.Y. – Harry Caray, this Bud’s for you.Anheuser-Busch is honouring the legendary sportscaster with a video that has him calling the nail-biting end of Game 7 in the early hours of Thursday, when the Chicago Cubs edged the Cleveland Indians in 10 innings.The ad shows the statue of Caray outside Wrigley Field and tense fans in bars, his deep voice intoning, “Boy, if you have a weak heart, turn the set off. The rest of you, stay with us!”Then it cuts to fans celebrating, and Carey saying “Holy Cow! You talk about a mass of happy humanity. How about those Cubbies? Now our lives are complete!”Caray died in 1998 having not seen his beloved Cubbies even make it to the World Series.The brewer also resuscitated 1984 Budweiser ad in which the Bud pitchman, and Bud lover, caught a cold one launched into the Wrigley Field bleachers using a net.The company, working with marketers, moved quickly to create the video that would capitalize on one of the greatest feel-good sports moments in more than a century. The Cubs last won the World Series in 1908.During the 16 years that Caray called games at Wrigley, the Cubs made it to the post season but twice, never making it to the big game. He died several months before the start of the 1998 season, when the Cubs advanced to the National League Division Series, only to be swept by the Atlanta BravesThe Anheuser-Busch video with Caray calling the final out of this year’s World Series, was conceived of only about 10 days ago and spliced together with audio from Caray’s days as a Cubs broadcaster, said Ricardo Marques, a vice-president at Budweiser.With the blessing of the Harry Caray estate and Chicago’s WGN network, a team from Budweiser and the agency VaynerMedia in New York culled through archives of yesteryear’s games between the Cubs and the Indians, and also games with big finishes, to set up the illusion.A separate crew worked throughout Wednesday night to capture video of fans in and around Wrigley Field as game seven unfolded. They could have used stock footage, Marques said, but everyone wanted something that looked very real.The final two-minute video was approved at 5:30 a.m. Thursday and went online around 7 a.m. Budweiser is currently working on an ad that runs shorter than the original two-minute version, slated to air on TV this weekend.Allen Adamson, head of the New York consulting firm Brand Simple, calls the campaign a “smart way to bring in the history, brand equity and nostalgia together and be relevant in the moment.”Anheuser-Busch, based in St. Louis, Missouri, has been the official beer sponsor of Major League Baseball for more than 30 years. The brewery’s commercial ties to Caray stretch back to the 1980s, when he pitched the brew as a “Cubs Fan Bud Man.”He also announced games for the St. Louis Cardinals, which were once owned by Anheuser-Busch, for 25 years, until 1969. The brewer is now owned by Belgium-based beer giant Anheuser-Busch InBev SA.Caray is still revered in Chicago, where a statue of the broadcaster outside of Wrigley Field features an outstretched hand which, coincidentally, holds a can of Budweiser quite snugly.___This story has been corrected to read that the Cubs were swept by the Atlanta Braves, not the Los Angeles Dodgers, in the 1998 National League Division Series. read more