Asian stocks retreat as investors ditch risk assets on trade woes

• MSCI Asia-Pacific index down 0.30 percent.
• S&P 500 futures trade flat to negative.
• Japanse Yen reports broad-based gains.

 Major Asian equity markets are flashing red as rising fears of a US-China trade war forced investors to move out of risky assets and into the safe haven assets.

As of writing, the MSCI Asia Pacific index-ex Japan is down 0.30 percent. Also, stocks in Australia, Hong Kong, and South Korea are down at least 0.20 percent each. Meanwhile, the Japanese Yen has appreciated by 0.33 percent against the greenback. Consequently, the Japanese equity markets are reporting a 0.5 percent drop.

However, the Shanghai Composite index is trading largely unchanged on the day. The resilience shown by the Chinese stocks seems to have helped the S&P 500 futures recover losses, although a move to positive territory remains elusive on fears Trump's plan to impose fresh tariffs on China could lead to a full-blown trade war.