Asian shares tumble as traders seek safe havens

Asian shares tumble as traders seek safe havens

On Tuesday, Asian shares slid, as caution reigned ahead of a potentially tense gathering between American President Donald Trump and his Chinese counterpart Xi Jinping this week.

The greenback lost ground after traders sold stocks overnight and looked to safe havens because political uncertainty overshadowed upbeat American economic news and solid surge in global manufacturing.

Outside japan MSCI's broadest index of Asia-Pacific stocks went down.

Japan's Nikkei decreased 0.4%, as market participants sought out the safe-haven yen and as carmakers slid on weaker-than-expected American sales.

The worst performer on the index, Toshiba Corporation tumbled nearly 9% after sources told that on Tuesday it will meet creditor banks just to ask them to accept as collateral stocks in some of its businesses in exchange for not calling in their loans.

Australian stocks lost 0.2% notwithstanding an expansion in the country's February trade surplus to more than double last month's because exports of minerals and gold rebounded, while imports went down.

 

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