TOKYO - Stocks slipped in Asian trade on Wednesday as investors awaited the signing of an initial U.S.-China trade deal, with sentiment somewhat dented by comments from the U.S. Treasury Secretary that tariffs would remain in place for now.
The news came hours before the signing of a preliminary trade agreement to ease an 18-month-old trade war between the world’s two largest economies. He added that Mnuchin’s comment didn’t come as a total surprise to the market and the underlying sentiment should remain intact. In the currency market, the Japanese yen, often perceived as a safe haven, reversed earlier losses against the dollar as news U.S. tariffs would remain on Chinese goods through the U.S. election hurt risk sentiment.
The offshore yuan weakened to 6.905 per dollar after rising to 6.865, the strongest since July 11, on Tuesday.
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