Asian shares were a sea of red on Monday as the latest salvo in the Sino-U.S. tr...
SYDNEY - Asian shares were a sea of red on Monday as the latest salvo in the Sino-U.S. trade war shook confidence in the world economy and sent investors steaming to the safe harbors of sovereign bonds, gold and the Japanese yen.
Wall Street nose-dived on Friday when President Donald Trump announced a 5% additional duty on $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. products. “There is an uneasy feeling that the very fragile negotiations are spiraling out of control,” wrote analysts at ANZ in a note.
“Trump shows no signs of moderating his destructive trade policies,” said JPMorgan analyst Adam Crisafulli. The drop in yields initially swept the legs out from under the dollar, which slid 0.5% on Friday against a basket of currencies and was last trading at 97.654.
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