Asian markets stagger as trade war hopes fade, pound struggles

Sep 03, 2019: Asian markets stuttered Tuesday, with investors hobbled by uncertainty over China-US trade talks, while the pound struggled to recover after British Prime Minister Boris Johnson threatened to call a snap election to push through Brexit.

While Donald Trump has said top-level negotiations between the world's top two economies would take place soon, a report said they were having trouble agreeing a schedule for any meeting.

The Bloomberg News story said they had been unable to agree on a US call for parameters for the talks, while Washington turned down Beijing's appeal for a delay to the latest tariffs that kicked in at the weekend.

With the two still at loggerheads, Chinese media blamed the White House.

"It is time the US administration reconsidered its poorly thought-out China-bashing moves," the China Daily said in an editorial. "Working to secure a trade deal would be a more fruitful approach."

The Bloomberg report added to concerns that there will be no resolution to the row anytime soon.

"If they're struggling to decide simple itinerary, expectations for anything tangible to arise from the trade talks are looking incredibly dim at this point," said Stephen Innes, Asia-Pacific market strategist at AxiTrader.

Regional markets swung in early trade, with investors given no direction by Wall Street, which was closed for Labor Day.

Oil prices edged down again, extending Monday's sharp sell-off on concerns about data showing a lift in output from OPEC and Russia, despite a pledge from them to reduce production.

AFP/APP