Shares in Asia extended losses on Tuesday following sharp falls on Wall Street o...
SHANGHAI - Shares in Asia extended losses on Tuesday following sharp falls on Wall Street overnight, the yen strengthened and U.S. Treasury yields ticked lower as the trade war between China and the United States escalated.
China on Monday announced it would impose higher tariffs on $60 billion of U.S. goods following Washington’s decision last week to hike its own levies on $200 billion in Chinese imports. On Monday, the Dow Jones Industrial Average fell 2.38% to 25,324.99, the S&P 500 lost 2.41% to 2,811.87 and the Nasdaq Composite dropped 3.41% to 7,647.02.
Underscoring market concerns over the economic impact of the trade war, 10-year yields remained below those on three-month Treasury bills. A sustained inversion of this part of the yield curve has preceded every U.S. recession in the past 50 years. “That would expand its balance sheet but it would allow it to neutralize China’s efforts to disturb US financial markets. So I doubt they’ll try to sell Treasuries.”The single currency was up 0.1% on the day at $1.1234, while the dollar index, which tracks the greenback against a basket of six major rivals, was slightly lower at 97.285.
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