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Asian shares fall to three-and-a-half month low as trade war escalates


Added 05-14-19 02:03:02am EST - “Fresh U.S.-China tariff war volleys pressured Asian shares on Tuesday, but comme...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Asian shares fall to three-and-a-half month low as trade war escalates”. Below is an excerpt from the article.

SHANGHAI (Reuters) - Fresh U.S.-China tariff war volleys pressured Asian shares on Tuesday, but comments from U.S. President Donald Trump that he expects trade negotiations to be successful aided sentiment.

China on Monday announced it would impose higher tariffs on $60 billion of U.S. goods following Washington’s decision last week to hike its own levies on $200 billion in Chinese imports.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9% as volatile Chinese markets paused for their midday break. The index had earlier fallen as much as 1.25% to its lowest since Jan. 30.

Providing some support for Asian markets were comments from Trump late on Monday that trade talks with China are “going to be very successful”. That helped lift U.S. stock futures more than 0.5%, though sentiment remained fragile.

Prakash Sakpal, Asia economist at ING in Singapore, said Monday’s volatility showed how a “180-degree” turn in U.S. rhetoric on trade negotiations had spooked markets.

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