Japanese shares tumbled on Thursday, with the Nikkei falling about 2%, after jobs data from the U.S. cemented concerns that the trade war with China is taking toll on the U.S. economy and as Washington opened a new trade war front with Europe.
The Nikkei share average fell 1.93% to 21,358.10, hitting its lowest levels in more than three weeks while the broader Topix lost 1.87% to 1,566.51, also a three-week low.
The ADP National Employment Report in the United States showed private payrolls growth in August was not as strong as previously estimated, another worrying signal after a report on Tuesday showing U.S. September factory activity contracted by the most in more than a decade.
The Trump administration said it will slap 25% tariffs on French wine, Italian cheese and single-malt Scotch whisky, in retaliation for European Union subsidies on large aircraft, threatening to trigger a tit-for-tat trans-Atlantic trade war.
Source : Reuters