Australia markets closed

Stocks fall across Asia as Trump dials up trade rhetoric - Equities fell across the board in morning trade in Asia Tuesday, following the lead from Wall Street.

Stocks fell in the US after President Donald Trump ratcheted up his trade war rhetoric and announced plans to reinstate steel and aluminum tariffs on Brazil and Argentina. Trump said the measures are necessary because the two countries, which are going through their own economic and financial problems, have seen significant devaluations of their currencies.

The Dow Jones Industrial Average ended Monday down 0.96% and the S&P 500 dropped 0.86% while the Nasdaq gave up 1.12%.

Hong Kong’s Hang Seng was down 0.44% to 26,322 by 9:50 PM ET (02:50 GMT), as the momentum faded from positive economic data out of China over the weekend and Monday.

The Hong Kong market came under pressure from local data. The city, which has been going through more than six months of protests and social unrest, is also going through a recession. Retail sales volume in October fell 26.2% year-on-year, the worst fall on record.

China’s Shanghai Composite fell 0.38% to 2,864 while the SZSE Component fell 0.32% to 9,574.

US-China trade talks remained a focus for traders after Trump said on Monday that the signing of two pieces of legislation that support protesters in Hong Kong would not make negotiations easier. However, he said China still wants a deal.

Japan’s Nikkei 225 fell 095% to 23,306, giving up gains from the day before.

South Korea’s KOSPI was down 0.60% to 2,079.

Down under, Australia’s S&P/ASX 200 fell 1.99% to 6,726.

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