Asian shares seemed set for a turbulent start on Monday as the latest salvo in t...
SYDNEY - Asian shares seemed set for a turbulent start on Monday as the latest salvo in the U.S.-China trade war shook confidence in the world economy and sent investors steaming to the safe harbor of sovereign bonds and the Japanese yen.
Nikkei futures pointed to an opening fall of more than 3%, while E-Mini futures for the S&P 500 were trading down 1.2%. But the White House said on Sunday that Trump wished he had raised tariffs on Chinese goods even higher last week, even as he signaled he did not plan to follow through with a demand that U.S. firms find ways to close operations in China.
The latest broadside overshadowed a pledge by Federal Reserve Chair Jerome Powell to “act as appropriate” to keep the U.S. economy healthy, although he stopped short of committing to rapid-fire rate cuts. “This will force the Fed to ease beyond a ‘mid-cycle adjustment to policy’,” he added. “We believe that the market is underpricing the risks of additional rate cuts in 2020.”
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