Asian shares posted a modest decline as investors refrained from taking risky bets after President Donald Trump ratcheted up trade tensions.
Copper futures in London fell on Trump’s latest tariff threat. A regional stock gauge declined 0.3%, its third drop in four days. Hong Kong shares retreated 0.9% after China’s factory deflation persisted into a 33rd month while consumer prices unexpectedly rose in June.
Shares in mainland China rose 0.3%, on course for the highest closing level since December.
Treasuries fell for a fifth session as demand for long-term government debt across the globe waned amid a flurry of bond auctions this week.
US copper prices posted a record gain in the last session after Trump said he planned to implement a 50% tariff on imports. Benchmark copper futures fell in London on expectations that more supply will end up in other markets.
Investors are holding back as they gauge the impact of escalating trade tensions, looking for signals on where stocks might head next after reaching record highs last week.
