INSUBCONTINENT EXCLUSIVE:
SHANGHAI: Asian shares skidded on Tuesday after US President Donald Trump stunned markets with tariffs against Brazil and Argentina,
recharging fears about global trade tensions, while weak US factory data added to the investor gloom.MSCI's broadest index of Asia-Pacific
shares outside Japan was down 0.45 per cent in early trade, with Australian shares dropping nearly 2 per cent, on track for their worst day
Japan's Nikkei shed 1.1 per cent.In tweets on Monday, Trump said he would impose tariffs on steel and aluminium imports from Brazil and
Argentina, attacking what he saw as both countries' "massive devaluation of their currencies."Contrary to his remarks, both Brazil and
Argentina have been trying to strengthen their respective currencies against the dollar.Steven Daghlian, market analyst at CommSec in
Sydney, said while the South American tariffs dominated market worries on Tuesday, China's response to US supporting for anti-government
protesters in Hong Kong has also chilled sentiment."Markets are extremely sensitive to any good or bad news on the US-China dispute front,
but also the US relationship with other nations as well," he said.China said on Monday US military ships and aircraft won't be allowed to
visit Hong Kong, and also announced sanctions against several U.S
non-government organisations for encouraging protesters to "engage in extremist, violent and criminal acts."Worsening the mood, data from
the Institute for Supply Management (ISM) showed the US manufacturing sector contracted for a fourth straight month in November as new
orders slid.That erased the market cheer from upbeat Chinese factory surveys released over the past few days.Bearish sentiment pushed bond
The yield on benchmark 10-year Treasury notes fell to 1.8172 per cent from a U.S
close of 1.836 per cent on Monday, and the policy-sensitive two-year yield, dipped to 1.606 per cent from its US close of 1.614 per cent.In
currency markets, the dollar rose 0.06 per cent against the yen to 109.04 and the euro was a touch lower at $1.1075.The dollar index, which
tracks the greenback against a basket of six major rivals, was at 97.856.Oil prices continued to rise on expectations that the Organization
of the Petroleum Exporting Countries (OPEC) and its allies may agree to deepen output cuts at a meeting this week.US West Texas Intermediate
crude was up 0.25 per cent to $56.10 a barrel.Gold was flat on the spot market, trading at $1,462.21 per ounce.(This story has not been
edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
