TOKYO: Asian stocks fell the most in three weeks on Wednesday after U.S. lawmakers called for an impeachment inquiry into President Donald Trump, increasing the prospects of prolonged political uncertainty in the world's largest economy.
Chinese shares slumped and the offshore yuan fell, while oil futures extended declines after Trump harshly criticized Beijing's trade practices in a speech at the United Nations, damping hopes for a resolution to the U.S.-China trade war. On Tuesday, the UK Supreme Court ruled that Boris Johnson's decision to shut down parliament in the run-up to Brexit was unlawful, a stinging judgment that undermined the prime minister's already fragile grip on power.
It is unlikely that the impeachment inquiry would lead to Trump's removal from office. Even if the Democratic-controlled House voted to impeach Trump, the Republican-majority Senate would have to take the next step of removing him from office after a trial. The dollar index measuring the greenback against a basket of six major currencies was 0.20per cent higher.In the offshore market, the dollar rose 0.17per cent to 7.1184 yuan.
The U.S.-China trade war, which has dragged on for more than a year, has added pressure on China's already slowing economy and has increased the risk of recession in other countries. Slower global growth would hurt demand for energy and other commodities.
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