A currency trader gestures at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. Asian shares tumbled on Monday after the latest escalation in the US-China trade war renewed uncertainties about global economies. August 26, 2019.
Yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016, while gold hit its highest since April 2013 as risk was shunned. MSCI's broadest index of Asia-Pacific shares outside Japan shed 1.9 percent, and Australia 1.3 percent."Downside risks are increasing for both the global economy and markets," said Mark Haefele, global chief investment officer at UBS.
But the White House said on Sunday that Trump wished he had raised tariffs on Chinese goods even higher last week, even as he signalled he did not plan to follow through with a demand that US firms close operations in China. "We continue to remain long 10's, targeting 1.3 percent due to a combination of weakness in the global economy and trade war uncertainty filtering through into a weaker US economy," said Priya Misra, head of global rates strategy at TD Securities.
Source: Financial Digest (financialdigest.net)
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