China's monthly trade surplus with the United States rose to a record high of US$34.1 billion in September on the back of an escalating trade war that shows little sign of cooling. The figure, released on Friday by the customs administration, represented a 10% increase from the US$31.05 billion surplus booked for August, suggesting Washington's tariffs on imports of Chinese products have yet to have the desired effect of narrowing the trade gap between the two countries. China's trade surplus with the US in September was greater than its total trade surplus of US$31.7 billion. Its total exports grew faster than expected in the month - 14.5% year on year in dollar terms, compared with 9.8% in August - while import growth slowed to 14.3% from 20%, the customs administration said.
Shares of aviation counters inclined after rRenminbi stabilised against the US dollar and oil prices fell 3% overnight. Both China Southern Airlines (01055) and China Eastern Airlines (00670) flew off 4.4% to HK$4.31 and HK$4.32. Air China (00753) gained 2% to HK$6.68. CNOOC (00883) also gained 1.5% to HK$14.5.
OFFSHORE MARKET NEWS, US stock market tumbled for a second straight day on Thursday, rattled by rising interest rates, signs of a slowdown in the global economy and the US-China trade dispute. The Dow Jones Industrial Average slumped 2.1% to 25,052.83, down 2.1% or 545 points. The broad-based S&P 500 also dropped 2.1% to 2,728.26, while the tech-rich Nasdaq Composite Index fell 1.3% to 7,329.06.
European shares hit their lowest in more than 21 months on Thursday following a slide on Wall Street as jitters over rising US Treasury yields and signs of slowing global growth prompted broad selling of risky assets. The German DAX Index slumped by 1.5%. The French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 1.9%.
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