Asian shares staggered up from five-week lows on Tuesday but remained fragile af...
SYDNEY - Asian shares staggered up from five-week lows on Tuesday but remained fragile after U.S. President Donald Trump’s latest threat to raise tariffs on Chinese goods shocked financial markets and fueled worries that trade talks may be derailed.
Chinese shares staged a mild technical rebound but stayed choppy after their worst drop in more than three years on Monday. The benchmark Shanghai Composite was 0.5 percent higher, while the blue-chip CSI 300 rose 0.7 percent and Hong Kong’s Hang Seng was up 0.3 percent. U.S. stock futures for the S&P 500 declined as much as 0.8 percent in Asian trading hours on Tuesday as top U.S. officials said China had backtracked on commitments in trade talks.
“Investors had been too complacent since the beginning of this year. Now it’s time for ‘sell in May and go away,’” he said.U.S. Trade Representative Robert Lighthizer said he expected top Chinese negotiator Vice Premier Liu He would lead a delegation coming from Beijing for talks in Washington on Thursday and Friday.
The offshore yuan slipped 0.3 percent to 6.7939 per dollar while the onshore yuan also fell 0.3 percent to 6.7789 per dollar.
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