Economic news

Asian shares slide as China’s economy remains under pressure

Asian stocks dropped on Monday amid a potential escalation of tensions between U.S. and China.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slumped 1.5 percent to an almost three-week trough.

Japan's Nikkei dipped 2.1 percent. Fresh numbers early in the session showed the economy shrank the most in over four years in the third quarter as companies lowered capital spending amid gloom prospects for global demand and trade relations.

The Shanghai Composite Index slipped 0.6 percent. Australian stock benchmark tumbled 2.2 percent, and South Korea's KOSPI skidded 1 percent.

Crude prices advanced, extending surge from Friday when producer cartel OPEC and its allies have reached an agreement to cut oil output and boost the market. International benchmark Brent crude gained 0.6 percent to $62.01 a barrel.

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