Japan’s Nikkei dropped to a one-week low on Wednesday morning in the wake of escalating trade tensions between the United States and Europe and worries about the global growth outlook.
U.S. President Donald Trump said he would impose tariffs on $11 billion of European goods, raising fears that differences over aircraft subsidies could morph into a wider trade war.
Not helping the mood, the International Monetary Fund cut its global economic growth forecast and said a sharp downturn could require world leaders to coordinate stimulus measures.
The Nikkei share average slipped 0.8 percent to 21,624.05 in midmorning trade, after earlier hitting 21,571.67, the lowest since April 3 and The broader Topix dropped 0.8 percent to 1,606.13.
Source : Reuters