Gold edges up on US-China tariffs; dollar caps upside

Tokyo stocks fall on renewed US-China trade war fears

As U.S. markets reopen after a long weekend, dollar strength buoyed by rising risks of Brexit may add pressure on the yuan, China Construction Bank (Asia) said in a note on Tuesday.

Technology companies led the decline. -China trade tensions dampened investor optimism. India's Sensex fell 1.6% to 36,731.51.

On Sunday, the US started charging a 15% tariff on about $112 billion of Chinese products.

Starting in mid-December, American wheat, sorghum, and cotton will also get a further 10% tariff.

The U.S. Federal Reserve should cut interest rates by half a percentage point at its meeting in two weeks to get ahead of both financial market expectations for a rate cut and a global trade war that has become a broader "reckoning" over how the world economy is organized, St. Louis Federal Reserve President James Bullard said in an interview on Tuesday. The Purchasing Managers' Index (PMI) fell to 49.5 in August, China's National Bureau of Statistics said on Saturday, versus 49.7 in July, below the 50-point mark that separates growth from contraction on a monthly basis. "Rate cut will happen nearly no matter what kind of economic data we're going to be presented with from now on until the Fed meeting but any acceleration to the weaker side could increase the expectations of how big the cut would be", Saxo Bank's Hansen said.

Utilities held up well, as did with makers of consumer products such as Procter & Gamble.

Area gold still targets $1,497 per ounce, according to Reuters technological expert Wang Tao.

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The slide in bond yields was prompted by a disappointing manufacturing report that stoked fears of an economic slowdown.

Trade and Brexit concerns drove the dollar, against a basket of major world currencies, to its highest level since mid-May 2017, and sent the Euro plunging to a 28-month low versus the greenback.

European stock markets drifted higher Monday while Asia was mixed after the US and China escalated their war over trade and technology with new tariff increases. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate it sets each morning. That for the Dow Jones Industrial Average was down 0.7 percent. The Nasdaq fell 0.8%.

Despite market volatility in recent weeks, Canadian and US markets have been strong with the TSX just 1.6 per cent off its all-time high set in April and USA markets between four and 5.6 per cent off their peaks, said Crowther.

British lawmakers opposed to a no-deal Brexit will attempt to pass a law this week to stop Prime Minister Boris Johnson from letting Britain crash out of the European Union on October 31, the opposition Labour Party's Brexit spokesman said.

PROS FOR CONN'S: Conn's jumped 17.4% after the furniture and electronics retailer blew past Wall Street's second quarter profit forecasts.

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