TOKYO: Asian shares wobbled in early Thursday trading as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings, helping to underpin solid demand for safe-haven U.S. Treasuries.
Earlier in the week, U.S. President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another US$325 billion of Chinese goods, amid market nervousness over when face-to-face talks will resume. "As we enter the third quarter, we are in a finely balanced position epitomized by an overly pessimistic bond market on the one hand, and an optimistic equity market on the other. We think we are somewhere in between those views," said Paras Anand, head of asset management for Asia Pacific at Fidelity International.
In the foreign exchange market, the dollar nursed light losses on Thursday, weighed down by lower U.S. yields and a rebound by the pound from 27-month lows. The euro was not much changed at US$1.1285 after crawling up 0.1per cent on Wednesday. The greenback fell 0.3per cent to 107.660 yen, extending an overnight loss of 0.3per cent.
Spot gold was 1.2per cent higher to finish at US$1,426.60 per ounce. It last stood US$1,427.22 per ounce.
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