(Bloomberg) -- Asian stocks followed their U.S. counterparts lower Tuesday as turmoil in Hong Kong and Argentina added to trade tensions and knocked sentiment.
Shares fell across the region led by Japan and Hong Kong, where stocks reacted to protesters bringing the city's airport to a standstill on Monday. U.S. futures ticked higher. Earlier, the S&P 500 Index retreated for a second day and now sits almost 5% below its all-time high. The dollar firmed and yen slipped, while Treasury yields steadied after Monday's slide. China's 10-year bond yield fell to 3% for the first time since 2016.
The latest sell-off in risk assets provided another reminder of the fragile mood across markets extending the rocky start to August. Government bond gains show ongoing caution by traders who've increased bets for more central bank stimulus in recent weeks, as the U.S. and China escalate their trade war and a slew of global data point to slowing growth.
Argentina's peso and equities sank after voters turned on the president in a primary vote. Singapore's government cut its forecast for economic growth this year to almost zero as the trade war dampens the region's most trade-reliant economies.
Elsewhere, oil was little changed after Saudi Aramco's first-half earnings contained no surprises for the market. Gold headed higher above $1,500 an ounce.
Here are some key events coming up:
These are the main moves in markets:
--With assistance from Sarah Ponczek and Olivia Rinaldi.
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