Economic news

Asian stocks pull back amid new uncertainty about trade tensions

Asian stocks slumped on Wednesday with traders remained anxious after U.S. President Donald Trump eased optimism over progress made in trade negotiations between the world’s two biggest economic powers.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slipped 0.3 percent, while Japan’s Nikkei dropped 1.2 percent.

Hong Kong’s Hang Seng Index tumbled almost 1 percent and the Shanghai Composite Index lost 1.1 percent.

South Korea’s Kospi was virtually unchanged while energy stocks weighed on Australia’s benchmark.

On Wall Street, the S&P 500 sank 0.31 percent overnight, failing to extend rally after touching a two-month peak.

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