The Direxion Daily FTSE China Bull 3X Shares (YINN) experienced a significant pre-market plummet of 9.41% on Friday, mirroring the broader sell-off in Chinese stocks and ETFs traded in the US. The sharp decline is believed to be driven by heightened concerns over escalating trade tensions between the United States and China.
According to reports, US President Donald Trump announced plans to impose an additional 10% tax on imports from China, raising fears of a potential trade war between the two economic powerhouses. The announcement of new tariffs has added to investors' worries about the potential impact on trade relations between the US and China, weighing heavily on the performance of Chinese stocks and leveraged ETFs like YINN, which aims to provide 3 times the daily performance of the FTSE China 50 Index.
The escalating trade tensions and the potential consequences for the Chinese economy have triggered a sell-off in Chinese equities and related investment products, leading to the significant pre-market plummet observed in YINN and other China-focused ETFs.
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