Asia Markets: Asian markets dragged down after Gary Cohn’s resignation

Asia-Pacific stocks opened lower following news that Gary Cohn would resign as President Donald Trump’s top economic adviser after he lost a fight about tariffs.

Stocks fell and the yen strengthened at the start of Asian trading as investors pared back risk. The Nikkei Stock Average NIK, -0.19% was recently down 0.8% and Australia’s S&P/ASX 200 XJO, -0.95% dropped 1%. S&P 500 futures ESH8, -1.01% were down 1.4%.

Havens rose, with 10-year Treasury yields falling to 2.85% from 2.88% in late New York trading while the yen broadly rose about 0.5% versus other currencies. The ICE Dollar Index dropped 0.2%.

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