Asian markets mostly up, jittery on trade row

HONG KONG: Asian markets mostly rose on Tuesday, but investors remained on edge after the latest titfor-tat tariffs in the China-US trade row, while they are now looking ahead to the Federal Reserve’s next policy meeting.

While the levies had been widely expected, there are concerns about how long the dispute will last after China cancelled planned talks and said negotiations “cannot be carried out under the threat of tariffs.”

Vice commerce minister Wang Shouwen said Tuesday it was impossible to hold negotiations while Washington is imposing tariffs that are like “holding a knife to someone’s throat.” He accused the US of abandoning a consensus struck in May.

Fresh political uncertainty in Washington is also drawing attention, helping to drag on Wall Street, with speculation Donald

- ney General Rod Rosenstein over reports he suggested removing the

The developments are being closely followed because Rosenstein plays a key role in overseeing the Russia probe by Special Counsel Robert Mueller, which Trump has labeled a politically motivated “witch hunt.”

His removal could deal a major blow to the investigation and possibly a constitutional crisis in Washington, leading to further political instability.

Tokyo, back after a public holiday, ended 0.3 percent higher, Singapore added 0.7 percent and Taipei gained 0.1 percent. There were also gains in Mumbai, Bangkok and Wellington.

But Shanghai, also returning from a long weekend, fell 0.6 percent by the close, while Sydney was barely moved and Manila lost more than one percent.

Hong Kong and Seoul were closed for public holidays.

In early European trade London rose 0.2 percent, Paris fell 0.1 per-

following a surge in oil prices on Monday, after the world’s top producers agreed to maintain output despite pressure from Trump.

Brent soared more than three percent to a four-year high above $81 while WTI piled on 1.8 percent to hold around $72 after OPEC and non-OPEC nations said they were satisfied with the current market outlook. Both contracts extended gains on Tuesday.

“Oil continues to hold on to astonishing gains as the latest move was helped along by headlines from OPEC’s weekend meeting, as the organization agreed to no immediate supply boosts, and last week’s reports that Saudi Arabia was now comfortable with Brent at $80,” said Stephen Innes, head of Asia-