Asian shares skid, but dollar finds some traction

Asian shares tumbled on Tuesday though the dollar regained some footing, after disappointing U.S. manufacturing data cast a pall over Wall Street and gave investors little reason to hope for stability in emerging markets after their recent rout. MSCI's broadest index of Asia-Pacific shares outside Japan fell about 1.4 percent at its lowest level since early September. "Investors should steer clear of risk assets over the short term as the turmoil does not look like it will be over anytime soon," Mitul Kotecha, the Hong Kong-based head of global foreign exchange strategy for Credit Agricole, said in a note to clients.

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