Asian shares slip as China-US trade jitters set in

Published: May 29, 2019 11:20:42 | Updated: June 01, 2019 11:33:13

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Asian shares fell on Wednesday on expectations that a trade dispute between China and the United States would simmer and possibly weigh on growth.

Japan’s benchmark Nikkei 225 gave up 1.1 per cent to 21,020.72. The Kospi in South Korea tumbled 1.3 per cent to 2,021.84 and Hong Kong’s Hang Seng was 0.5 per cent lower at 27,267.94.

The Shanghai Composite fell 0.3 per cent to 2,900.71 while Australia’s S&P/ASX 200 eased 0.8 per cent to 6,433.30. Stocks fell in Taiwan and Singapore but advanced in Indonesia.

US stocks ended lower as investors who felt jittery about long-term growth shifted money into bonds. The yield on the benchmark 10 year Treasury fell to 2.26 per cent, its lowest level since September 2017.

The broad S&P 500 index slipped 0.8 per cent to 2,802.39 on Tuesday. The Dow Jones Industrial Average shed 0.9 per cent to 25,347.77.

The Nasdaq composite was down 0.4 per cent at 7,607.35. The Russell 2000 index of smaller company stocks retreated 0.7 per cent to 1,504.02, reports AP.

Benchmark US crude lost 63 cents to $58.51 per barrel. The contract rose 51 cents to $59.14 per barrel on Tuesday.

Brent crude, the international standard, fell 57 cents to $68.10 per barrel. It settled 10 cents lower at $68.67 per barrel in the previous session.

The dollar strengthened to 109.38 yen from 109.36 yen late Tuesday. The euro jumped to $1.1166 from $1.1161.

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