S&P stock futures fall, Asian stocks slip as U.S.-China trade tensions simmer
SYDNEY - U.S. stock futures fell and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to reach a deal to end their escalating trade war.
Chinese shares tumbled, with the benchmark Shanghai Composite and the blue-chip CSI 300 shedding 1.4% and 1.6%, respectively, while Hong Kong’s financial markets were closed for a holiday. President Donald Trump tweeted late on Sunday that the United States is “right where we want to be with China,” adding that Beijing “broke the deal with us” and then sought to renegotiate.
“The market reaction will ultimately depend on whether China and the U.S. continue to negotiate, whether the remaining $325 billion of U.S. imports from China also get tariffed, how China retaliates, and what happens to the 232 auto tariffs.” The other major currencies were relatively calm, with the safe-haven yen still supported but not aggressively so. The dollar was holding at 109.74 yen, down 0.2% on the day and just above a 14-week trough of 109.46.
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