Asian stocks fell on Wednesday, dragged by Wall Street’s tumble as sharp declines in long-term U.S. Treasury yields and resurgent trade concerns stoked investor worries about global economic growth.
Global equities have been shaken as a flattening U.S. Treasury yield curve – a result of a steep fall in longer-dated yields – fanned recession jitters and as U.S.-China trade conflict woes resurfaced after a temporary lull.
The People’s Bank of China (PBOC) set the yuan reference rate at 6.8476 vs the previous day’s fix of 6.8939.
Crude oil prices were lower amid fears that demand would stall on the back of the trade war between the United States and China. [O/R]