London — World stocks were knocked off 22-month highs on Wednesday as a renewed flare-up in China-US tensions and the creeping return of US recession fears fueled a bid for bonds and other “safe” assets such as gold.
US President Donald Trump also threatened to up tariffs on Chinese goods if a trade deal is not reached soon. “I think we are looking at a short-term setback rather than a major issue that would derail the process. The bill still has to be signed into law by Trump so there’s a high probability he will use it as leverage against China.”
“It was noticeable that fixed-income markets rallied despite equity markets being stable, suggestive of a market that remains cautious about the growth outlook,” ANZ told clients. US crude stocks rose far more than expected, the American Petroleum Institute said, driving Brent crude into a 2.6% slide. Brent fell another 0.5%, edging towards the $60 mark last breached three weeks ago.
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MARKET WRAP: JSE gains as markets await further news on the US-China trade warThe rand was the best performing among emerging-market currencies tracked by Bloomberg over the past five days
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