Fears of prolonged trade war weigh on Asia stocks; bonds rally

TOKYO - Asian stocks tracked Wall Street losses on Thursday as the latest exchanges between Beijing and Washington signaled the heightened risk of a prolonged trade war, stoking investors’ concerns about the impact on global economic growth.

“We oppose a trade war but are not afraid of a trade war. This kind of deliberately provoking trade disputes is naked economic terrorism, economic chauvinism, economic bullying,” Chinese Vice Foreign Minister Zhang Hanhui said, when asked about the trade war with the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped to a fresh four-month low before finding a bit of traction to edge up 0.1%.

“It seems to us that a Trump-Xi meeting on the sidelines of the G20 meeting is more wishful thinking than hard political reality,” wrote Marc Chandler, chief market strategist at Bannockburn Global Forex. “This is a moment that defines before and after.” The 10-year U.S. Treasury yield stood at 2.267% after falling to a 20-month low of 2.210% on Wednesday.

The dollar was little changed at 109.660 yen after bouncing back from a two-week low of 109.150 brushed on Wednesday.

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