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The pan-European Stoxx 600 was 1.3 percent lower with every sector trading in the red. Basic resources were the worst-performers down by nearly 2.5 percent due to the trade concerns.
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MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 1.5 percent to its lowest since early February, with losses intensifying through the day as the rout deepened in China.
· Japanese stocks tumbled to 2-1/2-week lows on Tuesday and posted the biggest daily percentage drop in three months after Chinese stocks were sold sharply amid escalating global trade tussles.
The Nikkei share average ended 1.8 percent lower at 22,278.48, the lowest closing level since June 1. The index posted the biggest daily percentage drop since mid-March.
· Shanghai stocks tumbled nearly 4 percent on Tuesday to a two-year low as U.S. President Donald Trump’s fresh tariff threats against China raised the spectre of a full-blown trade war.
The Shanghai Composite Index plunged more than 5 percent at one point in late trade before finishing the session down 3.8 percent at 2,907.82 points.
· Shares of ZTE Corp (0763.HK) (000063.SZ) plunged on Tuesday after the U.S. Senate’s passage of a defence bill set up a potential battle with the White House over whether the Chinese telecoms firm can resume business with its U.S. suppliers.
ZTE’s Hong Kong-listed shares tumbled as much as 24 percent to HK$10.02 (0.9625 pounds), its lowest in nearly two years, while its Shenzhen shares fell by their daily limit of 10 percent. Since trading resumed last week, the stock has lost 38 percent or more than $7 billion in market value.
Referenece: Reuters, CNBC
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