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Asian shares at four-month low on deepening U.S.-China trade war


Added 05-23-19 10:03:03pm EST - “Asian shares hobbled near four-month lows on Friday and crude oil plunged on wor...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Asian shares at four-month low on deepening U.S.-China trade war”. Below is an excerpt from the article.

Tokyo (Reuters) - Asian shares hobbled near four-month lows on Friday and crude oil plunged on worries the U.S.-China trade spat was developing into a more entrenched strategic dispute between the world’s two largest economies, pushing investors to safe-haven assets.

MSCI’s broadest index of Asia-Pacific shares outside Japan stood flat, hovering near its fresh four-month low marked on Thursday, and was on track for a third straight weekly loss, down 0.9% so far on the week.

On Wall Street, the Dow Jones Industrial Average fell 1.1%, the S&P 500 lost 1.2% and the Nasdaq Composite dropped 1.6%, as traders dumped cyclical names on fears that the escalating U.S.-China trade war would stymie global economic growth. [.N]

U.S. President Donald Trump said on Thursday that Washington’s complaints against Huawei Technologies might be resolved within the framework of a U.S.-China trade deal, while at the same time calling the Chinese telecommunications giant “very dangerous.”

Washington last week effectively banned U.S. firms from doing business with Huawei, the world’s largest telecoms network gear maker, citing national security concerns.

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