Asian stocks turn lower on lingering trade war fears, yuan slips
LONDON - A cautious calm returned to stock markets on Wednesday as softer rhetoric from Washington on the U.S.-China trade war soothed investors, though demand for safe-haven assets underscored lingering anxiety.
But gold, the Japanese yen and government debt remained in high demand as investors remained wary of riskier assets. Still, market players voiced caution. Trump’s threat to impose additional tariffs on more Chinese products is set to take effect in less than a month. Since then, China’s state banks have been active in the onshore yuan forwards market, tightening dollar supply and supporting the Chinese currency, sources told Reuters.
Gold reached a six-year high of $1,489.76 per ounce. The Japanese yen rose 0.2% to 106.27, although that was still some way from levels seen on Monday when the trade war’s escalation panicked investors. Germany’s 10-year bond yield fell to record lows deep in negative territory as a bigger-than-expected interest rate cut in New Zealand and weak German data gave further impetus to a rally in bond markets.
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