· Asian stocks fell the most in three weeks on Wednesday after U.S. lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world’s largest economy.
The dramatic move by Democrats in the House of Representatives compounded investors’ anxieties with confidence already shaken by U.S.-China trade tensions and global recession risks.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.86%, the biggest decline since Sept. 3, while Tokyo’s Nikkei slipped 0.39% for its largest loss in three weeks. Australian shares fell 0.54%.
Chinese shares slumped and the offshore yuan fell, while oil futures extended declines after Trump harshly criticized Beijing’s trade practices in a speech at the United Nations, damping hopes for a resolution to the U.S.-China trade war.
· Japan’s Nikkei share average fell to a one-week low on Wednesday after U.S. lawmakers called for an impeachment inquiry into President Donald Trump, while weak U.S. consumer confidence data heightened worries over the Sino-U.S. trade row.
The benchmark Nikkei average dropped 0.4% to 22,020.15, its lowest close since Sept. 18, while the broader Topix dipped 0.2% to 1,620.08, tracking a dismal Wall Street session.
· China stocks closed lower on Wednesday, after Washington and Beijing exchanged tough words and doused hopes of a trade deal.
The blue-chip CSI300 index fell 0.8% to 3,870.98, while the Shanghai Composite Index shed 1.0% to 2,955.43.
U.S. President Donald Trump delivered a stinging rebuke to China’s trade practices on Tuesday at the United Nations General Assembly, saying he would not accept a “bad deal” in U.S.-China trade negotiations.
China’s top diplomat hit back at U.S. criticism on Tuesday, saying Beijing had no intention to “play the Game of Thrones on the world stage” and would respect U.S. interests, but it would not be threatened on trade or allow interference in its affairs, including Hong Kong.
· European stocks traded lower on Wednesday, as political events on both sides of the Atlantic weigh on investor sentiment.
The pan-European Stoxx 600 dropped 0.6% early in the session, with technology, travel and leisure and oil and gas stocks shedding more than 1% to lead losses, as nearly all sectors and major bourses traded in the red.
Reference: Reuters, CNBC
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