Economic news

Asian shares drop following rout on Wall Street

Asian shares slipped on Wednesday, tracking sharp declines on Wall Street overnight, as relief generated by a truce between the U.S. and China over trade faded.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slumped 1.5 percent. The Shanghai Composite Index sank 0.6 percent and Japan's Nikkei was down 0.5 percent.

Australia’s S&P ASX 200 tumbled 0.8 percent, dragged down by global losses. South Korea’s Kospi skidded 0.6 percent.

On Wall Street, the Dow closed down 3.1 percent and the Nasdaq fell 3.8 percent.

In commodities, U.S. WTI futures lost 1.65 percent at $52.37 a barrel and Brent edged 1.75 percent lower to $61.00 per barrel.

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