Bengaluru — Emerging-market shares fell on Wednesday as worries over the US-China trade conflict resurfaced. Currencies in the developing world mostly weakened as the dollar gained.
President Donald Trump said on Tuesday that the US had a long way to go to conclude a trade deal with China and could impose tariffs on another $325bn worth of Chinese goods if it thought they were necessary.South Korea’s Kospi slid nearly 1% and the won, Asia’s worst-performing currency this year, slipped further, amid a political and economic dispute with Japan and the possibility of a rate cut when the Bank of Korea meets on Thursday.
The rand slipped 0.2% a day before a central bank rate decision. Russia’s rouble gained as oil prices rose.Turkey started taking delivery of Russia’s S-400 air defence system last week, defying US warnings that doing so would mean the Pentagon would kick it out of the F-35 stealth fighter program and that it could be subject to sanctions.
“One thing we are keeping an eye on is any possible sanctions that the US may impose on Turkey,” said Jason Tuvey, a senior emerging-market economist at Capital Economics. “That would have a considerable impact on the markets, in particular the banking sector which is already vulnerable given its debt woes.”
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