Premarket: Global shares near 5-week low before U.S., China trade talks GlobeInvestor
World shares held near five-week lows on Wednesday as renewed trade tensions and fears for the global economy drove investors into the safety of bonds and the Japanese yen, with the latter rising to a six-week high against the dollar.
Markets are on tenterhooks given the importance of the talks to world growth, especially given the mixed nature of recent economic data from China. Adding to market jitters was Chinese trade data showing solid imports but an unexpected fall in April exports. The numbers follow lacklustre economic data in Europe and signs of steep inventory build-ups in the United States.
New Zealand’s central bank governor Adrian Orr cited the U.S.-China trade dispute as a major risk for his country’s economy. Bonds too have benefited from the worries for growth and trade, with 10-year yields on U.S. Treasuries, German bunds and Japanese government bonds languishing at near one-month lows.
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