Asia stocks grapple with trade anxiety even as Huawei gets reprieve
LONDON/TOKYO - Global stocks were slightly lower on Wednesday as investors sought safety in bonds, the Japanese yen and Swiss franc in muted trade amid renewed worries over the U.S.-China spat after reports Washington has another Chinese tech firm in its sights.
Fears of another blacklisting reinforced worries that U.S. President Donald Trump is looking beyond sealing a trade deal with China to a potentially bigger battle aimed at curbing Beijing’s technology ambitions. “If we get retaliation, if we start deconstructing supply chains, if we get countries asking whether they can rely on products and services overseas, then we’ll have much more uncertainty and a much more worrying environment,” said Webber.
The threat dampened Australia’s post-election optimism slightly, but stocks still hovered near the 11-year highs scaled on Monday. The yen strengthened away from two-week lows against the dollar, rising 0.1% to 110.39 yen, while the Swiss franc was higher against the euro and the dollar.
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