Asian shares fell on Wednesday as fresh worries about a global recession led inv...
SYDNEY - Asian shares fell on Wednesday as fresh worries about a global recession led investors to dump risky assets, with U.S. President Donald Trump showing no signs of backing down in his trade war with China.
His strongly worded remarks came hours before his government announced approval of an $8 billion sale of Lockheed Martin F-16 fighter jets to Taiwan, a move sure to draw Beijing’s ire and further dim prospects for a quick trade deal. Aside from the trade war, political turmoil in Hong Kong, Britain and Italy have also heightened uncertainties for investors. The prospect of new elections in Italy after the resignation of Prime Minister Giuseppe Conte added to jitters, sending Italian sovereign bond yields sliding.
Morgan Stanley economist Ellen Zentner advised clients to watch for the use of the word “somewhat” when Fed Chair Powell describes further policy adjustments. Most fund managers and economists expect global policy stimulus to prevent the world from tipping into recession. Supporting that belief, Reuters reported earlier Trump and his advisers are examining ways to provide a boost to the U.S. economy should it be deemed necessary.
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