Asian stocks stumbled to a four-month low on Friday and crude oil plunged on wor...
Tokyo - Asian stocks stumbled to a four-month low on Friday and crude oil plunged on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute between the world’s two largest economies, pushing investors to safe-haven assets.
Chinese shares recovered slightly, with the benchmark Shanghai Composite up 0.2% and the blue-chip CSI 300 rising 0.3%, while Hong Kong’s Hang Seng added 0.2%.On Wall Street, the Dow Jones Industrial Average fell 1.1%, the S&P 500 lost 1.2% and the Nasdaq Composite dropped 1.6%, as traders dumped cyclical names on fears that the escalating U.S.-China trade war would stymie global economic growth.
The U.S. Commerce Department said on Thursday it was proposing a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies against the dollar, another move that could slap higher tariffs on Chinese products. As flight-to-safety plays dominated global markets, the benchmark 10-year U.S. Treasury note yield hit 2.292%, the lowest level since mid-October 2017, with the key parts of the yield curve inverted. The yield last stood at 2.326 percent.
“Since the global financial crisis, U.S. output has fallen only once: from 2015 to early 2016 when the shale industry was badly hit. Markets could start to fret over a global slowdown as they have done late last year.” Sterling weakened again on Thursday as pressure mounted on British Prime Minister Theresa May to name a date for her departure after a backlash over her last-ditch plans for Britain’s exit from the European Union.
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