Global Markets, Yuan Tumble As China Crushes Trade Hopes -Zero Hedge
"World markets suffered a fresh bout of risk aversion on Friday after China doused hopes for a quick deal when its state media signaled a lack of interest in resuming trade talks with the U.S. under the current threat to escalate tariffs, while the government said stimulus will be stepped up to buttress the domestic economy.
Asian stocks erased most gains for the day with the MSCI index of Asia-Pacific shares outside Japan sliding to 15-week lows and down 2.6% for the week at the end of trading...China's Shanghai Composite Index fell 2.5% after a front page commentary in the Communist Party's People's Daily evoked the patriotic spirit of past wars, saying the trade war would never bring China down. 'The China state media commentaries fueled concerns that the U.S.-China trade disputes will prolong, deterring risk-taking,' said Koji Fukaya, CEO of Japan's FPG Securities. 'This issue will probably be one of the major market drivers for a while as U.S.-China trade war influences global economic conditions.'"