Asian shares sank on Monday, the safe haven yen rose and gold jumped following a...
gave up early gains to drift away from a recent 13-month high after data showed the country's core machinery orders fell for a third straight month.“The China-U.S. trade war and the Hong Kong protest are combining to cast a negative pall on Asian markets today,” said James McGlew, analyst at stockbroking firm Argonaut.
In currencies, the Japanese yen gained on the dollar to 109 while the Australian dollar, a liquid gauge for risk, was off slightly at $0.6856.Market attention was also on the U.S.-China trade talks. “Despite his bluster that ‘China wants a trade deal more than I do’, markets sense that Trump is likely quite keen to call a truce on what is becoming a serious U.S. economic risk heading into the 2020 election year,” said David Bassanese, Sydney-based economist at Betashares.
He noted the negotiations were “starting to drag on in a disturbingly Brexit-like manner,” referring to Britain’s divorce deal with the European Union which is still up in the air almost three years after the country voted to leave the bloc.
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