Asian shares sank on Monday as the latest salvos in the Sino-U.S. trade war shoo...
SYDNEY - Asian shares sank on Monday as the latest salvos in the Sino-U.S. trade war shook confidence in the world economy and sent investors steaming to the safe harbor of sovereign bonds and gold, while slugging emerging market currencies.
On Friday, U.S. President Donald Trump announced an additional duty on some $550 billion of targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods. Trump’s new tariff measures were announced after U.S. markets closed on Friday. But Wall Street had nose-dived earlier in the session after Trump said U.S. companies should “immediately start looking for an alternative to China”, in response to Beijing’s latest retaliation.
The latest trade escalation overshadowed a pledge by Federal Reserve Chair Jerome Powell to “act as appropriate” to keep the U.S. economy healthy, although he stopped short of committing to rapid-fire rate cuts. “We continue to remain long 10’s, targeting 1.3% due to a combination of weakness in the global economy and trade war uncertainty filtering through into a weaker U.S. economy,” said Priya Misra, head of global rates strategy at TD Securities.
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