TOKYO (Reuters) – Asian stocks skidded to a one-month low on Thursday after the United States opened a new front in its trade dispute with Europe by imposing tariffs, adding to already-growing market fears about global growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped 0.78%. Japan’s Nikkei stock index .N225 fell 2.20%, on course for its biggest daily decline in six months. Australian shares slumped 2.13% to a five-week low.
U.S. stock futures were up 0.25%, but this did little to bolster sentiment after shares on Wall Street suffered their sharpest one-day decline in nearly six weeks on Wednesday, when the three major New York share indexes all lost more than 1.5%.
Yields on two-year U.S. Treasury yields fell as weakening data on manufacturing and the jobs market suggested the trade war with China has damaged the U.S. economy.
Oil futures extended their decline in Asia as a bigger-than-expected increase in U.S. crude inventories and growing…
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