US stocks fell again yesterday as the Chinese economy again failed to impress investors. Mexico also announced it would pursue new steel anti-dumping duties.
US stocks plunged Tuesday, extending a tumultuous period for markets into another week amid new evidence that China’s stubborn economic slowdown is damaging global commerce.
The trouble started with a weak reading on China’s manufacturing sector and was amplified by a 14.7% drop in South Korean exports for August, the first evidence of a decline in regional trade since China devalued its currency Aug. 11.
The Dow Jones Industrial Average tumbled 469.68 points, or 2.8%, to 16,058.35, its biggest one-day percentage loss since Aug. 24, when the blue-chip index plummeted nearly 600 points, or 3.6%.
Mexico Pursuing Anti-Dumping Duties Against China
Mexico will conduct an anti-dumping probe into steel wire rod from China, the economy ministry said on Wednesday.
Three companies operating in Mexico had asked the government to investigate, claiming that fast-rising imports, sold at lower prices than domestic-made steel, was hurting the local industry, according to a notice in the official gazette.
The companies that asked the government to examine possibly anti-competitive trade practices are ArcelorMittal Las Truchas, Deacero, and Ternium Mexico, the gazette said.