Japan Topix index slumped Tuesday as concerns about global trade tensions and disappointing U.S. manufacturing data buffeted confidence in global equity markets.
Railway and automobile stocks weighed on the benchmark gauge the most. U.S. President Donald Trump reinstated levies on steel and aluminum from Argentina and Brazil, while also proposing tariffs on $2.4 billion of French goods in response to a digital tax that hit American tech firms.
Separately, U.S. Commerce Secretary Wilbur Ross told Fox Business Network that the president will increase tariffs on China if no trade agreement is reached by the “logical deadline” of Dec. 15. The S&P 500 Index fell 0.9% Monday, the most in almost eight weeks.
Shares also slumped after Institute for Supply Management data in the U.S. showed the factory purchasing managers’ index contracted for a fourth month.
Topix index -0.5% at 1,706.73 as of close in Tokyo. Nikkei 225 index -0.6% at 23,379.81.
Source : Bloomberg