Worries that a prolonged Sino-U.S. trade war could tip the world and U.S. econom...
SHANGHAI - Worries that a prolonged Sino-U.S. trade war could tip the world and U.S. economies into recession weighed on Asian equities on Monday, offsetting a welcome a lift from Chinese shares and a stronger-than-expected daily fixing for the yuan.
The earlier gains had been aided by Chinese shares rallying from the previous week’s losses. Blue-chip shares rose 1.04%, with listed brokerages boosted by a late-Friday announcement from China’s securities regulator of relaxed margin financing rules.. One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions.
Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&P 500 lose 0.66% and the Nasdaq Composite drop 1%. “Cross asset correlations and money flow continue to tell that this funk in markets is a genuine result of fear and uncertainty from traders and investors,” said Greg McKenna, strategist at McKenna Macro, an Australian financial advisory firm.
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