HONG KONG: A red wave swept across Asia trading floors Wednesday as investors grow increasingly concerned that the China-US trade deal, which appeared all by ready to sign, could fall through.
"The two largest economic powerhouses, the US and China, either will be at a trade war or a trade peace and in reality there?s only a couple of people who know the answer to that and it isn't those of us on Wall Street," said Larry Robbins, CEO of Glenview Capital Management.Asian markets staged a minor recovery Tuesday following the previous day's pummelling, which came in response to Trump's warning.
Taipei and Jakarta also sank, while a first interest rate cut in five years was not enough to prevent Wellington dropping 0.5 per cent.And Stephen Innes at SPI Asset Management warned there could be worse to come. He added:"While the impact of more tariffs will be harmful to both the US and China economies, it is hard to overlook the damaging effect on other economies in Asia."
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