Asian shares stepped back further from two-month highs on Wednesday as a retreat in oil prices and weak Chinese trade data revived concerns about the health of the global economy. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early trade, shedding 1.4 percent from its two-month high hit on Monday. Japan’s Nikkei fell 1.0 percent in morning trade.
S&P 500 Index lost 1.12 percent to 1,979.26 while the tech-heavy Nasdaq dropped 1.26 percent to 4,648.83.
Also casting a shadow on markets, China’s February trade performance was far worse than economists had expected, with exports tumbling the most in over six years.
Exports dived 25.4 percent from a year earlier on depressed demand in all of China’s major markets, while imports slumped 13.8 percent, the 16th straight month of decline.
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