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Asian stocks ease — dollar near two-week lows after Donald Trump comments

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Asian shares dipped on Monday on fears of more protectionist measures from the United States while the dollar declined against major currencies after U.S. President Donald Trump criticized the Federal Reserve’s tightening policy.

Trump, on Friday, lamented the recent strength of the U.S. dollar and accused the European Union and China of manipulating their currencies.

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The dollar index .DXY is so far up 2.4 percent this year led largely by Fed rate rises, strong macro-economic data and nervousness about a full-blown tariff war. It was last down 0.2 percent at 94.27, the lowest in more than two weeks.

Trump’s remarks on Friday, coupled with new threats to slap duties on all U.S. imports from China, triggered sell-offs in Wall Street and European stocks on Friday, despite good corporate earnings. [nL1N1UG076]

Asian stocks took Wall Street’s cue on Monday with MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS falling 0.2 percent. Japan’s Nikkei .N225 stumbled 1.4 percent, Australian shares and South Korea’s KOSPI index .KS11 fell 0.9 percent each.

Chinese shares also opened lower but quickly reversed their losses, with both the blue-chip index .CSI300 and Shanghai’s SSE Composite .SSEC up a touch.

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“Although U.S. equities edged lower on Friday and the yen strengthened, most cross-asset moves are supportive of APAC equities – particularly dollar weakness, strength in emerging markets FX, and a dramatic bear steepening of global yield curves. Commodities are also mostly trading higher,” analysts at JPMorgan said in a note to clients.

Trump’s comments against Fed rate hikes helped steepen the Treasury yield curve.

Also playing a role in the global tick-up in yields was a Reuters report that the Bank of Japan was in unusually active discussions to modify its massive easing program. [nL4N1UG3OJ]

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The BOJ, in turn, offered to buy an unlimited amount of five- to- 10-year Japanese government bonds on Monday. [nL4N1PS23K]

Benchmark 10-year JGB futures 2JGBv1, which had started lower on Monday, pared some of their losses on the announcement.

The Reuters report and the dollar’s weakness together added to the yen’s strength JPY=, which was last up 0.5 percent at 110.91 per dollar.

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“Trade tensions remain a risk, but with an extended period until implementation (of the tariffs) and the next round of escalation, APAC equities are unlikely to respond much to Trump repeating threats already known,” JPMorgan added.

Investors are now looking ahead to an important meeting between Trump and European Commission President Jean-Claude Juncker.

“Trade tensions are likely to remain in the headlines as Juncker meets President Trump in Washington to discuss potential U.S. tariffs on European autos,” asset manager Insight Investment, which is owned by BNY Mellon, said in a note.

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“It’s probably a little too early for the indirect impact of the U.S.-China trade issue to be showing up in the data. Nonetheless, the trade numbers that were released for Singapore and Japan were worse than expected.”

In Singapore, for example, exports rose 1.1 percent in the year to June compared with expectations of a 7.6 percent increase, while electronic exports slipped 7.9 percent. [nL4N1U900W]

Elsewhere, the euro EUR=EBS climbed for a third straight day to a two-week top of $1.1746. It was last up 0.1 percent at $1.1741.

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In commodities, oil prices were held back by concerns over U.S.-China trade tensions and increased supply. [O/R]

U.S. crude CLcv1 was last off 16 cents at $68.1 a barrel after posting its third straight weekly loss. Brent LCOcv1 eased 17 cents to $72.90.

Spot gold was barely changed at $1,231.8 an ounce XAU=.

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Reporting by Swati Pandey; Editing by Eric Meijer

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… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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2020 Election

Trump campaign mocked after unveiling new red hats: ‘Do you have arm bands as well?’

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President Donald Trump's 2016 "Make America Great Again" hats have been replaced with new "Keep America Great" hats.

Trump re-election campaign manager Brad Parscale modeled one of the hats on Twitter.

Here is some of what people were saying:

https://twitter.com/LazarusLeBaron/status/1165430924093165568

Here I made an arm band design for you pic.twitter.com/inTyqVi2wo

— Christopher Goodwin (@LazarusLeBaron) August 25, 2019

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‘This will not end well’: Far-right extremism expert warns of Trump’s intensifying authoritarianism

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An expert on the far-right in America warned of President Donald Trump's "genuinely dangerous levels" of authoritarianism on Saturday.

Author David Neiwert posted a long Twitter thread on the commander-in-chief's "Social Dominance Orientation" -- and warned it will not end well.

Neiwert is the author of the 2017 book Alt-America: The Rise of the Radical Right in the Age of Trump.

Here is the thread he posted:

https://twitter.com/DavidNeiwert/status/1165428067138846720

https://twitter.com/DavidNeiwert/status/1165428524808724480

https://twitter.com/DavidNeiwert/status/1165429018486702081

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2020 Election

‘The Mooch’ attended Biden fundraiser in the Hamptons — because Trump ‘has lost his mind’

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Former White House press secretary Anthony Scaramucci attended a fundraiser for former Vice President Joe Biden on Saturday.

CBS News reporter Ben Mitchell posted a photo of Scaramucci at the event, and subsequently interviewed "The Mooch."

Scaramucci said he was still a registered Republican, but added that Trump "has lost his mind."

Spotted at a Biden event in the Hamptons: Fmr. Trump WH Comms Director Anthony @Scaramucci pic.twitter.com/PWVTZ8Qm15

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