Global stocks on defensive as US-China tensions spook investors

U.S. stock futures slipped and Asian shares came under pressure in early Monday trade as tit-for-tat consulate closures in China and the United States fanned worries about worsening diplomatic ties between the world's two largest economies.related media assets available. Click to see the gallery.TOKYO: U.S.

"U.S. President Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.Hopes of a quick U.S. economic recovery are fading also as coronavirus infections showed few signs of slowing.

U.S. Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70per cent"wage replacement".

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Europe: US-China tension, virus worries weigh on stocks; Centrica soars[BENGALURU] European shares posted their biggest session drop in a month on Friday as global sentiment soured after Beijing ordered the United States to close its consulate in a Chinese city in retaliation to similar move by Washington. Read more at The Business Times.
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US: Stocks fall amid rising China tensions[NEW YORK] Wall Street stocks fell for a second session in a row Friday on rising US-China tensions and worries that equities have gotten overvalued. Read more at The Business Times.
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