Asian shares hit two-month lows as escalating Sino-U.S. trade row unnerves markets

Asian shares extended their losses on Monday as a sharp escalation in the Sino-U...

Oil prices were also pulled down again on demand worries.

The trade war between the world’s two largest economies has already disrupted global supply chains and slowed economic growth. Futures are now pricing in deeper cuts than before last week’s Fed meeting. The terminal U.S. rate is now seen at 1.22%, 93 basis points below the current effective rate. Safe-haven assets have been in vogue with German 10-year government bond yields DE10YT=RR on Friday dropping to an all-time low of -0.502% and the country’s entire government bond yield curve turning negative for the first time ever.

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