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Asian-Pacific stock markets fell on the first trading day of June, as oil prices fell and equity holdings rose as trade tensions between the US and China increased intensified.
Over the weekend, China released a report on the state of US trade negotiations, criticizing Washington for its "exorbitant demands" and its "use of intimidation and coercion". Meanwhile, the Chinese Ministry of Commerce has announced that it will draw up a list of "unreliable" foreign companies, while the official media has announced that the country will investigate FedEx for "violation of the legitimate rights and interests of Chinese customers".
Japan's Topix fell 1.2% to its lowest level since the beginning of January, while Hong Kong's Hang Seng Index fell 0.3% and Australia's S & P / ASX 200 lost 1.1%. The CSI 300 indices of the Shanghai and Shenzhen shares went from positive to negative.
"The series of actions that took place this weekend means that China's" long march "has begun," said Iris Pang, economist for Greater China at ING. "We take this seriously. This means that the trade war has not only become a technology war, but also a large-scale commercial war. "
Concerns about trade tensions exceed stock markets. Weak demand and fears of global trade weighed on oil prices, Brent lost 1.5% to 61.09%. The yen, considered a safe haven in times of uncertainty, has strengthened by 0.1% against the dollar, hitting its highest level since mid-January, and gold climbed 0.6% to its highest level in two months.
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Markets Briefing is an overview of global markets, updated throughout the trading day by Financial Times journalists in Hong Kong, New York and London. Return of information? Write in the comments below or send us an email.
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