Trade friction hits stocks, yuan slumps to lowest in over a decade

LONDON - Global stocks fell for a sixth day on Monday as an escalation of trade tensions between the United States and China spooked markets and the yuan fell to its lowest levels in over a decade.

“Markets had not been expecting the latest US-China trade talks to conclude with any significant breakthrough last week, but very few expected President Trump to slap 10% tariffs on $300 billion worth of Chinese goods,” said Hussein Sayed, chief market strategist at FXTM. Asian shares suffered their steepest daily drop in 10 months, with MSCI’s broadest index of Asia-Pacific shares outside Japan sinking 2.5% to depths not seen since late January.

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Source: CNBC - 🏆 12. / 72 Read more »