TOKYO - Asian equities tracked Wall Street’s slide on Wednesday, while investors switched to safe-haven government bonds, driven by fears that global growth will suffer as a potential trade deal between the United States and China appeared to be unraveling.
MSCI’s broadest index of Asia-Pacific shares outside Japan, which earlier on Wednesday morning touched its lowest level since late March, was down 0.55 percent. Global stocks had a rocky start to the week after Washington on Monday accused Beijing of backtracking from commitments made during trade negotiations. That followed President Donald Trump’s unexpected statement on Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent.
Benchmark 10-year yields on U.S. Treasuries, German bunds and Japanese government bonds sank to one-month lows.
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