Global stocks deepen losses as US brands China currency manipulator

TOKYO: Global stocks extended their already substantial losses and the offshore yuan hit an all-time low on Tuesday after Washington designated Beijing a currency manipulator in a rapid escalation of the U.S.-China trade war.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.75per cent to its lowest since January. S&P 500 futures fell 1.3per cent in early Asian trade. Wall Street's major indexes already posted their biggest percentage drop of the year on Monday on fears of escalation in the U.S.-China trade war.MSCI's All Country World Index , which tracks shares in 47 countries, extended last week's slide and has slumped 2.5per cent to a two-month low on Monday.

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