Economic news

Asian shares slump after resignation of Trump's top economic adviser

Asian stocks inched down on Wednesday after the resignation of Trump administration's economic adviser Gary Cohn who had opposed plan for large tariffs on imported metals.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares fell 0.65 percent, while Japan’s Nikkei dropped 0.77 percent.

Australia’s S&P/ASX 200 Index tumbled 1 percent, Hong Kong’s Hang Seng sank 1.1 percent and China’s blue-chip CSI300 index slipped 0.4 percent. South Korea’s Kospi index was virtually unchanged.

Gary Cohn was highly valued by the investment community, and markets are likely to see a number of short-term negative sentiments due to his resignation, experts say.

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