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Asian markets fell Wednesday following a rout on Wall Street, as investors were bombarded by a “perfect storm” of problems that erased the positivity seen at the start of the week.
The glum mood overshadowed hints from Donald Trump at more time to resolve the China-US trade row, as well as soothing comments from China about their desire to push on with a weekend agreement between the world’s top economies, agency reports. Trading floors are awash with uncertainty over the agreement Trump hammered out with Xi Jinping to much fanfare — and an initial market rally –– in Buenos Aires, with little clarity emerging and the US president shifting his tone.
While he hailed the deal at first, on Tuesday he warned on Twitter
“remember, I am a Tariff Man”, adding “When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so”.
Then, in another tweet he left open the door to an extension of the agreement’s 90-day timeline to end the row.
On Wednesday, China’s commerce ministry called the pact “successful” and said it “will start with the implementation of the specific matters in which consensus has been reached, the sooner the better”, without providing moredetails.
Adding to the mounting risks are concerns about the US economy after the
difference in yields on two- and 10-year bonds narrowed, suggesting traders
are increasingly concerned about longer-term prospects.
The are fears of an “inversion” where short-term yields overtake long-term
rates, which in the past has been the precursor to a recession.
Wall Street suffered a battering, with the Dow slipping 3.1 percent, S&P
500 3.2 percent lower and Nasdaq 3.8 percent off.
The selling continued into Asia, where Hong Kong plunged 1.6 percent,
Shanghai lost 0.8 percent and Tokyo ended the morning 0.4 percent down.