TOKYO - Asian shares struggled to find their footing on Thursday as confidence was shaken after the U.S. government hit Chinese telecoms giant Huawei with severe sanctions, threatening to further strain Sino-U.S. trade ties.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25%, hovering not far off its lowest since late January.Bucking the downtrend, Chinese shares recovered on hopes of supportive government policy after opening in negative territory, with the Shanghai Composite Index last trading up 0.5%.
Late on Wednesday, the U.S. Commerce Department said it was adding Huawei Technologies Co Ltd and 70 affiliates to its “Entity List” - a move that bans the company from acquiring components and technology from U.S. firms without government approval. On Wednesday, Wall Street shares extended a rebound, with the S&P 500 gaining 0.58% and the MSCI’s broadest gauge of world stocks bouncing back from a two-month low hit on Tuesday.
“The markets are inching step by step in pricing in a rate cut. That is a sea change from a year ago when the consensus was three to four rate hikes a year,” said Akira Takei, bond fund manager at Asset Management One.
I am sorry to hear that
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