Asia set to trade cautiously amid US-China trade worries
"A negative shift the US-China trade negotiations took its toll on the markets," analysts at ANZ Research said in an early morning note. "China is prepared to hunker down and support its private enterprises rather than yield to the financial pressures being applied by the US."
The ANZ analysts pointed out that since both sides "will only negotiate on their own terms, it could be years before the two powers can find sufficient common ground." Both Beijing and Washington have imposed tariffs on billions of dollars' worth of one another's goods since last year. The trade tensions have battered financial markets and dampened business sentiment. The situation escalated earlier this month as both sides hiked tariffs on their goods.
Overnight, U.S. stocks fell as investors were concerned the trade war may last much longer than anticipated. Data also showed that
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