Asian equity markets ended in red on Tuesday as a trade dispute between China and the US intensified and oil turned volatile ahead of a critical meeting of crude-producing nations that will determine whether it's time to ramp up production. Traders eyed looming trade wars after US President Donald Trump threatened new tariffs on $200 billion of Chinese goods and Beijing vowed to ‘immediately’ retaliate. Chinese stocks hit two-year low and the yuan weakened after the Ministry of Commerce vowed to retaliate with ‘strong’ counter measures against US companies, deepening a trade dispute between the world's two biggest economies. Further, Japanese shares posted their biggest single-day loss in three months to reach 2-1/2-week lows as a strong yen amid escalating global trade tensions soured investors' appetite for risk. Meanwhile, Indonesian markets remain closed for Eid-ul-Fitr holiday.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2906.43 | -115.47 | -3.97 |
Hang Seng | 29468.15 | -841.34 | -2.86 |
Jakarta Composite | - | - | - |
KLSE Composite | 1732.02 | -11.44 | -0.65 |
Nikkei 225 | 22278.48 | -401.85 | -1.80 |
Straits Times | 3301.35 | -22.69 | -0.69 |
KOSPI Composite | 2340.11 | -36.13 | -1.54 |
Taiwan Weighted | 10904.19 | -183.28 | -1.68 |
