TEHRAN, Young Journalists Club (YJC) -Asian stocks were on shaky ground on Wednesday while the Chinese yuan stood near 11-month lows as the specter of a Sino-U.S. trade war haunted investors ahead of an end-of-week deadline for U.S. tariffs on billions of dollars worth of Chinese imports.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent in early trade, a day after it hit a nine-month low. Japan’s Nikkei lost 0.5 percent.
Wall Street dropped on Tuesday, giving up early gains in a truncated session ahead of the Independence Day holiday on Wednesday, while technology shares came under pressure just a day after their solid start for the quarter on Monday.
The S&P 500 lost 0.49 percent while the Nasdaq Composite dropped 0.86 percent.
Facebook lost 2.3 percent after the Washington Post reported a federal probe on the data breach linked to Cambridge Analytica was broadened while Tesla fell 7.2 percent on questions over whether it could sustain the pace of making its Model 3 sedans.
Micron Technology Inc fell 5.5 percent after its rival firm, Taiwan-based competitor United Microelectronics Corp 2303.TW, said it received a temporary injunction banning chip sales in mainland China.