Ways2Capital Reviews : Asian Stocks Mixed As US-China Trade War Escalates

Asian stocks were mixed as traders anticipated the next development in US-China trade tensions after a ratcheting up of rhetoric sparked a global sell-off on Tuesday. Treasury yields ticked lower and the dollar stabilized.

Japanese shares fell, while stocks rose in Australia and South Korea. Equities fluctuated in Hong Kong and China, with the Shanghai Composite Index remaining below the key 3,000 level it broke on Tuesday.

Earlier, the S&P 500 Index pared losses and the yield on 10-year Treasuries recouped declines. Oil recovered to trade over $65 a barrel even as Iran signaled OPEC may fail to agree on output limits.

The threat from US President Donald Trump for tariffs on an additional $200bn of Chinese goods is the latest in a series of opening shots of a trade war.

Assets in emerging markets have been hit hard as the escalation in tensions coincides with steeper projections for US interest-rate hikes, taking one gauge of developing-nation equities toward a bear market.

Elsewhere, the yuan posted its steepest two-day decline since its 2015 devaluation, falling 1.3%. The Malaysian ringgit stalled near a five-month low.
Source: Bloomberg
 
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