SHANGHAI: Shares in Asia extended losses on Tuesday following sharp falls on Wall Street overnight, the yen strengthened and US Treasury yields ticked lower as the trade war between China and the United States escalated.
The US Trade Representative's office also said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25 per cent on a further US$300 billion worth of imports from China.The tariff escalation has rattled global markets, even as US President Donald Trump said he would meet with Chinese President Xi Jinping next month.to 25,324.99, the S&P 500 lost 2.41 per cent to 2,811.87 and the Nasdaq Composite dropped 3.41 per cent to 7,647.02.
The two-year yield, which rises with traders' expectations of higher Fed fund rates, ticked down to 2.1782 per cent from a U.S. close of 2.193 per cent, with data from CME Group showing a more than 75 per cent chance of the Fed cutting rates by the end of 2019.Underscoring market concerns over the economic impact of the trade war, 10-year yields remained below those on three-month Treasury bills.
"If China did start to it will galvanize both sides of politics in the US against China and the Fed would be sent into the market to buy bonds," Greg McKenna, strategist at McKenna Macro said in a note to clients.
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