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Asia stocks pull back amid trade, global growth worries



Asian shares fell Wednesday following a slide on Wall Street amid growing tensions between the U.S. and the European Union and a dim forecast on global economic growth

Japan's benchmark Nikkei 225

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     NIK, -0.53%

dropped 0.6%. Australia's S&P / ASX

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                    XJO, + 0.03%

was flat, along with the South Korea's Kospi

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     SEU, + 0.49%

Hong Kong's Hang Seng

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     HSI, -0.24%

drop 0.4%, while the Shanghai Composite

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     SHCOMP, + 0.01%

fell almost 0.4%.

On Wall Street, the S&P 500

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     SPX, -0.61%

index fell 17.57 points, or 0.6%, two 2,878.20. The Dow Jones Industrial Average

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     DJIA, -0.72%

dropped 190.44 points, or 0.7%, to 26.150.58. The Nasdaq Composite

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                    COMP, -0.56%

wear 44.61 points, or 0.6%, to 7,909.28. The Russell 2000 index

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     RUT, -1.22%

or small-cap stocks gave up 19.32 points, or 1.2%, or 1,559.68. Threatened to impose $ 11.2 trillion in tariffs on European products, including cheese, wine and helicopters.

The threat from President Donald Trump could make investors even more concerned about trade disputes and already slowing global economy at a time when the U.S. is trying to resolve a trade conflict with China.

That spat has already made a list of goods more expensive for consumers and is weighing on an already slowing Chinese economy. Negotiators with again last week and both sides have said they are making progress.

Traders also were disappointed to see that the International Monetary Fund lowered its forecast for global growth this year. The IMF now projects 3.3% global growth in 2019, matching the weakest year since 2009. The U.S. fared particularly poorly in the report, with growth now expected at 2.3%, down from 2.9% in 2018.

Investors will get more clues about the Fed's intentions Wednesday, when the central bank releases minutes from its latest policy meeting. The European Central Bank will also meet Wednesday

"Amid the growth and trade tension groups once again, sentiments in Asia markets have once again been undermined," said Jingyi Pan, market strategist at IG in Singapore.

Benchmark US crude

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     CLK9, + 0.36%

rose 11 cents to $ 64.09. It fell 0.7% to settle at $ 63.98 a barrel Tuesday. Brent crude

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     LCOM9, + 0.20%

added 4 cents to $ 70.65 a barrel.

The dollar

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     USDJPY, -0.01%

fell to 111.14 yen from 111.28 yen Tuesday. The euro

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     EURUSD, + 0.0977%

inched down to $ 1,127 from $ 1,127.

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