Chinese Shares Open Lower After Trump Declares Naval Blockade of Hormuz
Chinese shares opened lower on Monday as U.S. President Donald Trump vowed to blockade the Strait of Hormuz after talks with Iran failed to reach a deal to end the war.The Shanghai Composite Index, the main gauge of Chinese stocks, opened at 3,971.20 on Monday, 0.4% lower than the previous close of 3,986.22. The Shenzhen Component Index opened at 14,233.11, down 0.5% from 14,309.47.Market sentiment reeled after Trump declared the immediate naval blockade of the Strait of Hormuz and threatened a military end for Iran.In a post on Truth Social, Trump said that while diplomatic talks had been progressing, the core issue of "NUCLEAR" remained unresolved.Trump further ordered the U.S. Navy to "seek and interdict every vessel in International Waters that has paid a toll to Iran," declaring such payments illegal extortion. He also warned Iran that the U.S. is "fully 'LOCKED AND LOADED,' and our Military will finish up the little that is left of Iran!"