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Asian stocks head south to three-and-a-half month minimum
On Tuesday, another US-China tariff conflict escalation put pressure on Asian stocks, although remarks from American leader that he expects trade talks to be successful backed market sentiment.
However, Chinese markets, which dived in early trade, managed to trim losses in the face of signs of state support.
On Monday, China told that it would slap higher levies on $60 billion of American goods responding to Washington's decision the previous week to lift its own levies on $200 billion in China’s imports.
Besides this, MSCI's index of Asia-Pacific stocks headed south by 0.9% due to the fact volatile Chinese markets paused for their midday break. Earlier the index had inched down by 1.25% to its lowest value since January 30.
Lending some support for Asian markets were remarks from Trump that trade negotiations with China will be successful. It helped to raise American stock futures over 0.5%, although market sentiment was still fragile.
Monday's volatility demonstrated how a steep turn in American rhetoric on trade talks had spooked financial markets.
Additionally, broader Asian markets were suppressed by diving Chinese stocks, with the MSCI China index losing 1.6%. Eventually, China's blue-chip CSI300 index fluctuated between losses and gains in the face of indications of probable state support, before concluding the morning trading session down 0.2%.
Aside from that, Australian stocks went down by 0.9%. Meanwhile, Japan's Nikkei stock index declined by about 0.8%, hitting its lowest value since mid-February.
The tariff escalation has had a huge impact on global markets, despite Trump told he’d meet Xi Jinping next month.
On Monday, the Dow Jones Industrial Average tumbled by 2.38%, the S&P 500 declined 2.41%, while the Nasdaq Composite inched down 3.41%.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…