Tokyo — Asian shares regained some ground on Tuesday after US President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminium tariffs, easing investor worry about an imminent trade war. Sentiment was also supported by receding risk aversion in Europe with the euro gaining support from the creation of a coalition government in Germany and the effect of Italy’s inconclusive election results limited to a mild sell-off in domestic bonds and stocks. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.3% while Japan’s Nikkei jumped 2.3%, a day after it hit a five-month low. Korean shares have erased all the losses they had taken after Trump’s announcement even though the country is seen as being among the worst affected in region by the tariffs due to its big steel exports to the US. MSCI’s broadest gauge of the world’s stock markets rose 0.3% after having snapped a four-day losing streak on Monday with a gain of 0.7%. Wall ...
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