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Thursday, May 9, 2019

Market Comment | Markets deepen losses amid trade impasse

Financial markets rattled for the third straight day as US-China trade tensions festered ahead of crucial negotiations between high-level officials in Washington, starting today. Trump’s rebuke that ‘China broke the deal’, accelerated the sell-off in equities.

Key points

  • Key points:
  • Economic data on inflation showed price pressures remained benign in the US as well as in China.
  • Intensifying trade tensions buoyed safe haven bonds, leading to a sharp decline in the US and the German 10Y yields.
  • In FX markets, safe-haven flows sought shelter in the Japanese yen, while the USD remained steady.

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