Asian shares edge lower as investors await tariff deadline
SHANGHAI - Asian equity markets ticked down on Tuesday, tracking Wall Street losses as investors fretted over a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports to take effect.
The deadline looms over a series of other significant events this week, with markets also awaiting the UK election on Thursday, and U.S. and euro zone central bank meetings. With investors reluctant to make big bets, MSCI’s broadest index of Asia-Pacific shares outside Japan was just 0.05% lower, with China’s benchmark Shanghai Composite index off 0.3%.
Tepid trade followed weakness on Wall Street overnight. The Dow Jones Industrial Average fell 0.38% to 27,909.6, the S&P 500 lost 0.32% to 3,135.96 and the Nasdaq Composite dropped 0.4% to 8,621.83. On Tuesday, the U.S. two-year yield, watched as a sign of market expectations of Fed fund rates, was at 1.6151%, down from its close of 1.627% on Monday.Following the Fed, investors are likely to scrutinize the first policy meeting led by new European Central Bank President Christine Lagarde on Thursday for clues on where she will take the bank.
“But it’s not just about Brexit. Fiscal expansion is also on the cards, with ending austerity a major theme of the election irrespective of who wins,” they said.
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