Tokyo — Global shares slid on Thursday as a fresh row between Washington and Beijing over US bills on Hong Kong could complicate their trade negotiation and delay a “phase one” deal that investors had initially hoped to be inked by now.
The US House of Representatives on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights. The move came as trade experts and people close to the White House said completion of a “phase one” US-China trade deal could slide into 2020, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.
Trade jitters sent the 10-year US Treasuries yield down to 1.707%, near its lowest levels in three weeks and down more than 25 basis points from a November 7 peak of 1.973%, a three-month high. “There have always been some uncertainties in trade talks but that won’t erase positive effects from signs of bottoming out in the global manufacturing sector,” he said.
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