TOKYO: Asian shares fell on Wednesday for the first time in four trading sessions as investors awaited new developments that might scale back a bruising trade war between the United States and China.
Treasury yields fell slightly and crude oil futures fell as investors took a breather as U.S. and Chinese negotiators continued their efforts to seal a preliminary trade deal. The world's two biggest economies have signaled they are pushing hard for a 'phase one' trade agreement, possibly some time this month.
"We've had a good run-up, but there may be some consolidation," said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney."The trade war is the biggest reason that global growth has weakened over the past 18 months. We would like to see tariffs scaled back. We're still waiting for clearer signs of a resolution."
Traders and investors hope a preliminary Sino-U.S. trade pact will roll back at least some of the punitive tariffs that Washington and Beijing have imposed on each other's goods, but it is still uncertain when or where U.S. President Donald Trump will meet Chinese President Xi Jinping to sign the agreement.
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