Asian shares fell on Wednesday as initial enthusiasm over the latest U.S.-China ...
TOKYO - Asian shares fell on Wednesday as initial enthusiasm over the latest U.S.-China trade truce was overtaken by fresh concerns over Washington’s threat of tariffs on additional European goods.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3% lower, while Japan’s Nikkei slipped 0.6% in early trade. The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing.
Moreover, the U.S. Trade Representative’s office released a list of additional European products that could be subject to tariffs, on top of products worth $21 billion that were announced in April. These included olives, Italian cheese and Scotch whisky. The UK gilts yield tumbled 9 basis points to 0.722, the first time in a decade the 10-year yield is below the BOE’s main policy rate.
“Lagarde is likely to follow current ECB President Mario Draghi’s dovish stance,” said Norio Miyagawa, senior economist at Mizuho Securities.
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