Markets LIVE: Old Mutual suspends CEO; stocks mixed on trade woes

Fin24 team

2019-05-24 08:41

Stocks in Asia traded mixed, still on track for a third week of losses, as investors digested the latest trade war headlines.

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Stocks mixed on trade woes

Adam Haigh, Bloomberg

Stocks in Asia traded mixed, still on track for a third week of losses, as investors digested the latest trade war headlines. Treasuries steadied following Thursday’s rally.

Japanese shares were little changed, Chinese stocks edged higher and there were gains in U.S. and European equity futures.

Stocks in Korea and Australia retreated. After the close on Wall Street, President Donald Trump said that Huawei, which was put on a U.S. blacklist earlier this month, could be part of a trade pact with the country.

The rally in sovereign bonds showed signs of easing after yields on 10-year Treasuries touched the lowest since 2017. The dollar slipped and the euro pushed higher.

Elsewhere, Australia’s 10-year bond yield reached a fresh all-time low amid calls for as many as three central bank interest-rate cuts this year. The yuan was flat amid signs of stabilization from China’s central bank this week.

Ahead of a long US holiday weekend, concerns are mounting that the trade dispute could cripple global growth and disappointing US factory data Thursday showed the fragility of the expansion there.

“The trade war is going to cause growth to slow, both in the US and China, and therefore globally — there is no doubt about that,” Komal Sri-Kumar, founder and president of Sri-Kumar Global Strategies Inc., told Bloomberg TV in New York. “The trade war is taking on new dimensions.”

Meantime, the pound strengthened. Theresa May is set on Friday to announce a timetable for her resignation as UK Conservative Party leader and prime minister after a backlash over her Brexit plans, people familiar with the matter said.



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