Asian markets track big losses on Wall Street

HONG KONG (AFP) - Asian markets extended a global sell-off Tuesday following hefty losses on Wall Street that came in response to China’s hike in tariffs on $60 billion of US imports, ramping up tensions in a trade war between the global economic titans.

World markets have rallied for most of the year on the back of optimism about an agreement.

Tokyo stocks fell for a seventh consecutive session on Tuesday, extending losses on global markets as the US-China trade war escalated.

The benchmark Nikkei 225 index lost 0.59 percent, or 124.05 points, to close at 21,067.23.

In early trade, Hong Kong led losses as the market reopened after a long weekend. The Hang Seng Index sank 1.7 percent while Shanghai shed 0.2 percent and Tokyo was off 0.7 percent at the break.

Sydney and Singapore each dropped more than one percent, with Manila and Jakarta both down 1.6 percent.