Asia stocks sag, bonds rally as trade war fears persist

TOKYO: Asian stocks tracked Wall Street losses on Thursday as rhetoric from Beijing and Washington over trade matters kept alive investor concerns about the tariff war's impact on global economic growth.

"The equity markets are in the midst of pricing in a long-term trade war, with participants shaping their portfolios in anticipation of a protracted conflict," said Soichiro Monji, senior strategist at Sumitomo Mitsui DS Asset Management."The upcoming G20 summit could provide the markets with relief, as the United States and China could use the event to begin negotiating again over trade.

Lower Treasury yields not withstanding, the dollar index against a basket of six major currencies was steady at 98.139 following two straight days of gains, with the greenback serving as a safe haven. The dollar was little changed at 109.615 yen after bouncing back from a two-week low of 109.150 brushed on Wednesday.

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