Asian stocks pressured as US-China trade fight revives growth fears; oil elevated

Australian stocks lost 0.08 percent and Japan's Nikkei bucked the trend and edged up 0.2 percent.

Asia stocks struggled on Tuesday as the latest round of US-China tariffs revived fears the trade dispute would knock global growth, while crude oil was elevated near four-year highs after Saudi Arabia and Russia ruled out immediate production increases.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.1 percent.

The dollar index against a basket of six major currencies .DXY edged up 0.05 percent to 94.229.

The Australian dollar, a proxy of China-related trades and a gauge of broad risk appetite, was effectively flat at USD 0.7252 after shedding 0.5 percent on Monday.

Brent crude oil futures LCOc1 nudged up 0.1 percent to USD 81.28 a barrel after surging more than 3 percent overnight to USD 81.48, highest since November 2014.

Oil prices had rallied after OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market.

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