Equity markets hit by talk of US restricting foreign ownership of tech firms; A recession becomes a threat; PBoC takes action; CBA severs ties with wealth management arm; UST 10yr at 2.87%; oil down, gold stable; NZ$1 = 69.0 USc

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Here’s our wrap of what’s happened overnight.

Markets around the world are in a sea of red – once again as trade war talk escalates. Today’s jitters stem from reports the US is looking to restrict firms that are at least a quarter Chinese-owned from investing in US tech companies. The US Treasury Secretary has taken to Twitter to say any restrictions would apply to all countries trying to “steal” the US’s technology, not just China.

The S&P 500 is down -1.72%, Dow -1.67%, Nasdaq -2.50% and Shanghai Composite -1.05%.

Harley-Davidson shares have plunged as the American motorcycle manufacturer says it will start shifting some production overseas to offset the impact of retaliatory EU tariffs on certain US goods. The company’s move shows President Donald Trump’s actions are having the complete opposite effect to what he intended.

China and the European Union are teaming up against Trump. Following a meeting between their key officials in Shanghai, one of China’s top economic advisers has warned protectionism could spark a “recession”.

China’s central bank has committed to cutting the amount of cash some lenders must hold as reserves, as it seeks to control leverage and support smaller companies. The change will unlock about 700 billion yuan (US$108 billion) of liquidity. It will take effect on July 5 – the day before the US and China are scheduled to impose tariffs on each other. Analysts expect the bank to keep easing policy to soften the impacts of a slowing economy and crackdown on shadow banking.

The Commonwealth Bank of Australia (ASB’s parent) will sever ties with its scandal-prone wealth management arm. It has announced plans to create a new sharemarket-listed company to house its superannuation, financial advice, funds management and mortgage broking businesses that produce A$500 million-a-year in profits. Having been hammered in Australia’s financial services royal commission, CBA says the bank wants to become “simpler”. It last year sold its life insurance business, which saw AIA agree to buy New Zealand’s Sovereign.

The UST 10yr yield has fallen overnight to 2.87%.

Gold is stable at US$1,267/oz.

The US crude oil price is up slightly since this time yesterday to US$68/bbl. The Brent benchmark is down to US$75/bbl.

The New Zealand dollar is weaker at 69.0 USc and 58.9 euro cents, but stronger at 93.2 AUc. The TWI-5 is down to 72.2.

Bitcoin has made some gains after a weekend drop. It’s at US$6,262.

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