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Trump Trade War, Hong Kong Unrest, Equity Collapses and Yen Stronger

Trump Trade War, Hong Kong Unrest, Equity Collapses and Yen Stronger

The Monday market open in Asia saw a shock sent by the US President Donald Trump with his latest verbal attack, claiming that he can force US companies to leave China. As of early afternoon, the Nikkei 225 is down 2.04% and is now trading at 20,289 while Shanghai index is trading down 0.95% at 2,869. Hong Kong saw new violence on Sunday, encouraging police to pull their guns on the public, HSI as a result is down 2.79% and trading at 2,544. The yuan slumped to a new low and Yen strengthened as it is viewed as a safe haven currency.

The new level of violence has many in Hong Kong uneasy as the idea of Hong Kong police taking aim at protesters (yes, some are violent) is taking the protests to another level. Chinese President Xi Jinping is said to be torn between hardliners and the more moderate members of Beijing leadership. USDJPY broke down from the 106 handle, to the 105.30 level and in our view could trade toward the 103.50 level over the next couple of days. Markets are falling under the weight of Trump threats and these threats are now going to end soon.

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