Stocks shy from breaking new highs as trade mood darkens

TOKYO/HONG KONG: Asian shares slipped on Friday, knocking a global stock index off its path to hitting an all-time peak as investors turned cautious, fearing a new U.S. law backing Hong Kong protesters could torpedo efforts to end the U.S.-China trade war.

MSCI's broadest index of Asia-Pacific shares outside Japan fell more than 1per cent. Hong Kong led the dip with losses of 2per cent. South Korean shares lost 1.4per cent and Japan's Nikkei eased 0.5per cent. China warned the United States on Thursday it would take"firm counter measures" in response to U.S. legislation backing anti-government protesters in Hong Kong.

But on the whole, investors are now betting that while the U.S. legislation spoils the mood, ultimately it remained in the interest of both Washington and Beijing to move forward with talks to get a trade deal. Graphic: MSCI all countries, MSCI Asia ex-Japan - https://fingfx.thomsonreuters.com/gfx/mkt/12/9296/9208/MSCIper cent20ACWI,per cent20MSCIper cent20AXJper cent20Novper cent2029per cent202019.jpg

As trading in major currencies slumbers, their implied volatilities, key gauges of expected swings measured by their option prices, plumbed to new record lows this week.

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