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(Bloomberg) – Asian stocks fell with US futures after rising US tariffs on Chinese products and China has pledged to take countermeasures in response.
Markets have seen significant trading volumes as investors respond to a series of continuous headlines of the China-US trade war that could test the general consensus that some kind of cartel result. In Japan, Topix went from a 0.9% gain to a loss of up to 0.7%, while the futures on the S & P 500 index have evolved similarly. Korean equities plunged, while those in China and Hong Kong skyrocketed. The yuan has changed little. Oil yielded gains, while US Treasuries remained stable.
The first day of the high-level talks in Washington is reported to have made little progress, and President Donald Trump has officially confirmed the imposition of 25% tariffs on some $ 200 billion worth of Chinese goods. China has not yet specified how it will retaliate, while expressing hope of settling disputes through negotiation. Discussions should resume on Friday.
"We believe that a trade agreement will eventually be reached between the United States and China, but the risk of a complete break in trade negotiations has certainly increased," said Michael Taylor, Credit Strategist at Moody & Co. Investors Service in Hong Kong. "Higher tariffs could also lead overall to a review of the pricing of risky assets, a tightening of financing conditions and a slowdown in growth."
In the Treasury stock market, 10-year yields fell below three-month returns in the first inversion since March, during the overnight US session. Elsewhere, emerging market currencies held out on Friday, as Korea gained among those who appreciated against the dollar.
These are the main movements on the markets:
stocks
The MSCI Asia Pacific Index has changed little since 13 hours. in Hong Kong. The Japanese index Topix fell 0.5%. Hong Kong's Hang Seng rose 0.1%. The Shanghai Composite gained 0.6%. The Australian S & P / ASX 200 Index lost 0.1%. In South Korea, Kospi lost 0.3%. The futures on the S & P 500 index lost 0.5%. The underlying measure fell 0.3% on Thursday.
Coins
The yen was little changed at 109.73 for a dollar. The offshore yuan remained at 6.8403 for one dollar. The euro bought $ 1,1222.
Obligations
The yield on 10-year Treasuries was little changed at 2.44%. The yield on Australian 10-year bonds was little changed at 1.72%.
Basic products
West Texas Intermediate remained unchanged at $ 61.70 per barrel. Gold rose 0.2% to $ 1,2846.61 an ounce.
To contact the reporter on this story: Adam Haigh in Sydney at [email protected]
To contact the editors in charge of this story: Christopher Anstey at [email protected], Ravil Shirodkar
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