South Korean exports fell for the ninth straight month as August exports are down -13.6% from a year ago after last month’s -11.0% drop. South Korean semiconductor exports are also down for nine straight months as they fell -30.7% over last year after falling -28.1% last month. South Korean exports to China are down for the tenth straight month at -21.3% over this time last year.
As expected, both the U.S and China enacted their next tranche of tariffs on midnight September 1st.
Asian equities traded lower on the escalation of the trade ware, while European equities traded higher on hopes the trade war is about to end. U.S. equity futures rebounded somewhat after moving down sharply when Asian markets opened.
U.S. markets are closed for Labor Day.