London — Stocks slid further on Thursday as the stand-off between the world’s two largest economies expanded beyond trade, reducing the odds of a phase-one deal in 2019 and forcing investors to shed risky assets.
European shares nevertheless bounced back from day lows in late morning trade as fresh reports emerged that China has invited top US trade negotiators for a new round of face-to-face talks in Beijing. “The cracks in equity-market sentiment widened a little further yesterday, although this setback remains modest in the context of the index gains enjoyed so far in quarter four,” said Ian Williams, economics and strategy research analyst at Peel Hunt.
MSCI’s broadest index of Asia-Pacific shares excluding Japan fell 1.1% to a near three-week lows, with Hong Kong’s Hang Seng tumbling 1.6% while Japan’s Nikkei dropped 0.5%. Chinese mainland shares dropped 0.3%. The Chinese yuan, meanwhile, cut some losses after hitting three-week lows, and was last trading at 7.0210 to the dollar in onshore trade. The yen, which rallied almost 1% from more than five-month lows, was flat against the dollar.
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