Asian stocks, already under pressure from growing global growth fears, tumbled on Thursday after New York markets slumped overnight because the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.38%. Japan's Nikkei stock index dropped 1.96% and Australian shares declined 2.19%.
Yields on two-year U.S. Treasury yields approached a two-year low and the dollar fell against major currencies as weakening economic data exposed the damage that the trade war with China has already caused to the U.S. economy.
Source : Reuters