SYDNEY - Asian shares were struggling to end a bleak week in the black on Friday as upbeat U.S. economic news and solid company earnings offered only a fleeting respite from the interminable Sino-U.S. trade dispute.
The Communist Party’s People’s Daily used a front page commentary to evoke the patriotic spirit of past wars, saying the trade war would never bring China down. The cheer had yet to spread to Shanghai blue chips, which slipped 1.3%, while the yuan eased toward the 6.9000 per dollar level. Upbeat results from Walmart burnished the outlook for retail spending, though the giant chain also warned that tariffs would raise prices for U.S. consumers.
Bond prices might also have been pressured by a speech from influential Fed Governor Lael Brainard who said the central bank could encourage “opportunistic reflation” by allowing inflation to run above its 2% target for some years.
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