Asian shares fell to six-week lows on Thursday as tensions rose ahead of last di...
SYDNEY - Asian shares fell to six-week lows on Thursday as tensions rose ahead of last ditch U.S.-China trade talks which could sharply alter the direction of the global economy.
“If Trump’s threat becomes reality, it will be a game changer for the global economy. This is the worst-case scenario we modeled last year that resulted in recession conditions in the United States, a rapid reduction of growth in China, and slower global trade,” said Steve Cochrane, chief APAC economist at Moody’s Analytics in Singapore.
Japan’s Nikkei average shed 1.2 percent to a five-week low, while South Korea’s KOSPI fell 1.1 percent and the Australian benchmark added 0.4 percent. The yield spread between three-month bills and the 10-year notes shrank to 3 basis points, compared with about 15 basis points a few weeks ago. In the currency market, sterling weakened on signs that Brexit talks between Britain’s government and the main opposition party may soon collapse.
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