Asian stocks sunk as Trump fires new trade salvo
Asian stocks extended a month-long slide and sovereign bonds surged on Friday after U.S. President Donald Trump ramped up trade tensions globally by suddenly slapping tariffs on all goods from Mexico, sending the peso tumbling.
- Japan’s Nikkei fell 1.2% in early trade, to be down 7% for the month so far.
- MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1%.
- E-Mini futures for the S&P 500 sank 0.9%, leading Asian bourses lower.
- The euro was huddled at $1.1130, having shed 0.75% for the month.
- The safe haven yen has been faring better and was holding a small monthly gain on the dollar at 109.33.
- The pound was last at $1.2609 and nursing a 3.2% loss for the month so far.
Oil prices were at their lowest in over two months after a smaller-than-expected decline in U.S. crude inventories and on fears of a global economic slowdown.
- In commodity markets, spot gold edged up a touch to $1,290.65 per ounce.
- U.S. crude was last down 71 cents at $55.88 a barrel
- Brent crude futures lost 81 cents to $66.06.
- Yields on the 10-year Treasury note quickly fell to a fresh 20-month low of 2.18%.