Economic news

Asian stocks edge lower amid gloomy prospects for global trade

Asian stocks slipped on Monday on rising trade tensions between the U.S. and major economies while oil reversed some of the huge gains made after main crude producers agreed to a moderate rise in output.

Photo: Reuters

MSCI's broadest index of Asia-Pacific shares slumped 0.95 percent to 6 1/2-month trough. Japan's Nikkei .N225 skidded 0.8 percent.

In China, the Shanghai Composite ticked up 0.2 percent, while the Shenzhen Composite gained 0.6 percent.

South Korea’s Kospi Index lost 0.3 percent and Australia’s S&P/ASX 200 inched down.

China's authorities reacted fast to ease any potential economic impact from the trade tensions, as the People’s Bank of China announced reduction of the amount of cash some banks put aside as reserves by half a percentage point from July 5.

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