Asian Shares On Slippery Slope As Trade Tensions Take Toll

One America News Network | 9/4/2018 | Staff
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SYDNEY (Reuters) – Asian shares started the week in the red again on Monday, faltering for the eighth straight day and the dollar climbed against major currencies after U.S. President Donald Trump raised the stakes in the heated trade dispute with China.

MSCI’s broadest index of Asia-Pacific shares outside Japan were last down 0.2 percent after dropping 3.5 percent last week for their worst weekly showing since mid-March.

Japan - Nikkei - Losses - Quarter - Product

Japan’s Nikkei opened lower but quickly pared losses after revised second quarter gross domestic product data showed the world’s third biggest economy grew at its fastest pace since 2016. Australia’s benchmark share index slipped 0.2 percent, while South Korea’s KOSPI index eased 0.1 percent.

On Friday, Wall Street stocks ended lower while world share indexes registered their biggest weekly declines in almost six months after Trump threatened tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods.

Beijing - Retaliation - Washington - Measures

Beijing has warned of retaliation if Washington launches any new measures.

“The overall sense is that the United States will continue to escalate the pressure until China submits to U.S. demands which does not seem likely any time soon,” JPMorgan said in a note.

Impact - Tariffs - Levels - Uncertainty - Markets

“Overall, the impact of tariffs and high levels of uncertainty will both continue to weigh on markets into the end of the year.”

Adding to the tensions, data out Friday showed China’s trade surplus with the United States widened to a record in August, an outcome that could...
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