Asian stocks clung to tight ranges on Thursday as investors awaited key Chinese ...
TOKYO - Asian stocks clung to tight ranges on Thursday as investors awaited key Chinese data for clues on how much the 16-month trade war between Beijing and Washington has hit growth in the world’s second-largest economy.
Dashing previously upbeat expectations about a resolution to the Sino-U.S. trade war was a Wall Street Journal report that said negotiations had hit a snag over farm purchases. Worries about violent anti-government protests in Hong Kong also soured investor sentiment. “The markets have been pushing to new highs, but it’s been a bit of a bumpy ride,” said William O’Loughlin, portfolio manager at Rivkin Asset Management in Sydney.
U.S. stocks have climbed to record levels recently, fuelled by interest rate cuts, positive earnings, and signs the economy is bottoming out, but doubts about progress in U.S.-China trade negotiations remain a huge risk to financial markets and global growth. Investors and economists will scrutinize the data to determine whether China can shake off the negative impact of punitive tariffs.
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