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Shanghai stocks hit over three-month low amid fresh global trade jitters; Hong Kong down

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12/03/2019 | 12:25am EST

SHANGHAI(Reuters) - Shanghai stocks hit a more than three-month low on Tuesday, as Washington's latest tariffs added to jitters over the prospects of a so-called "phase one" Sino-U.S. trade deal.

** The Shanghai Composite Index shed as much as 0.6% to touch its lowest since Aug 26 before recouping some loses to end the morning session 0.1% lower, while the CSI300 index <.CSI300> was unchanged at 3,836.25 points.

** U.S. President Donald Trump on Monday announced tariffs on U.S. steel and aluminium imports from Brazil and Argentina.

** Trump also said U.S. legislation backing protesters in Hong Kong did not make trade negotiations with China easier, but added he believes Beijing still wants a deal.

** Meanwhile, China banned U.S. military ships and aircraft from visiting Hong Kong and slapped sanctions on several U.S. non-government organisations for allegedly encouraging anti-government protesters in the city to commit violent acts.

** Following Trump's surprise Latin American tariffs decision, there are worries that disputes between China and the United States would be hard to resolve given Trump's emphasis on America's interests, said Tian Weidong, an analyst with Kaiyuan Securities.

** Losses in the A-share market were more limited than other markets as China's onshore equity market had been relatively weak recently, he added.

** In Hong Kong, the benchmark skid but clawed back some losses on hopes of stimulus amid more signs of economic damage to the Asian financial hub.

** The Hang Seng dropped 0.2%, to 26,405.96 points, while the Hong Kong China Enterprises Index gained 0.2%, to 10,380.88 points.

** Hong Kong's retail sales in October fell by their steepest on record, as ongoing anti-government protests that have gripped the Chinese-ruled city for nearly six months scared off tourists and hit spending.

** Around the region, MSCI's Asia ex-Japan stock index <.MIAPJ0000PUS> was weaker by 0.41% while Japan's Nikkei index <.N225> was down 0.69%.

** The yuan <CNY=CFXS> was quoted at 7.0399 per U.S. dollar, 0.01% firmer than the previous close of 7.0409.

** So far this year, the Shanghai stock index is up 15.31%, while China's H-share index is up 2.4%. Shanghai stocks have risen 0.13% this month.

** As of 04:08 GMT, China's A-shares were trading at a premium of 28.74% over the Hong Kong-listed H-shares.

(Reporting by Luoyan Liu and John Ruwitch; Editing by Sriraj Kalluvila)

Stocks mentioned in the article
ChangeLast1st jan.
CHINA-SHANGHAI COMP 0.10% 2917.32 End-of-day quote.16.79%
EURO / ARGENTINE PESO (EUR/ARS) -0.07% 66.252 Delayed Quote.53.56%
EURO / BRAZILIAN REAL (EUR/BRL) 0.01% 4.5977 Delayed Quote.3.27%
HANG SENG 0.59% 26628.78 Real-time Quote.2.42%
HEWLETT PACKARD ENTERPRISE -0.31% 15.84 Delayed Quote.19.91%
HUB CO., LTD. 0.19% 1042 End-of-day quote.22.16%
HUDSON'S BAY COMPANY -2.88% 8.78 Delayed Quote.20.44%
LME ALUMINIUM CASH -0.91% 1750 End-of-day quote.-5.81%
NIKKEI 225 -0.08% 23391.86 Real-time Quote.16.69%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.17% 7.03835 Delayed Quote.2.33%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.01% 59.739 Delayed Quote.59.25%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.10% 7.0398 Delayed Quote.2.38%
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