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The trade war between the United States and China again led to the decline in the main stock indices.

Beijing devalued the yuan against the dollar to its lowest level since 2008 in response to Washington’s latest threat to introduce new tariffs on Chinese imports. China allowed the national currency to break the important mark of 7 yuan per dollar for the first time in more than ten years, and the US president called this step a “serious violation.” In addition, Bloomberg reported that China asked state-owned companies to suspend US agricultural imports. The negative direction of the situation has become the main reason for investors to buy government bonds, gold and other safe assets. The yields on 10-year US Treasury bonds fell to their lowest level since November 2016.

On Tuesday, market dynamics reversed direction. The main market driver were the shares of the industrial goods sector, after China took action to stabilize the yuan. The last step of the Central Bank of China was seen as an attempt to ease the tension between the two largest economies in the world. He reassured currency markets, which were shocked by fears that a trade war between the United States and China would develop into a currency war.

On Wednesday, the positive dynamics continued, although the growth was insignificant. Yields on 10-year US Treasury bonds reached the lowest level since 2016. This further smoothed the yield curve, a closely watched market recession indicator. The spread between the yield on 10-year government bonds and the yield on 2-year bonds fell to the lowest level since 2007. The fall in US government bond yields also reflected increased expectations that the Federal Reserve would cut rates three more times by the end of the year, with markets seeing a 100 percent chance of a fall in September.

The next day, the growth rate was more intense. The Chinese currency strengthened slightly against the dollar, as the Central Bank of China (NBK) set the yuan against the dollar higher than expected, which eased concerns that the protracted trade confrontation between China and the United States would escalate into a currency war. Also a relief for the market was the unexpected increase in Chinese exports in July and a less significant than expected decline in imports. This gave rise to optimism that concerns about a slowdown in global growth were greatly exaggerated, despite continued trade tensions between the US and China.

The week ended in a moderate decline after US President Trump announced that he was not going to enter into a trade deal with China, which reinforced fears that the standoff between the US and China would exacerbate a slowdown in the global economy. Trump's statement came after Bloomberg announced that the White House was postponing the decision to grant licenses to American companies to resume business with Huawei Technologies Co. Trump also told reporters that the United States will not do business with Huawei. This put pressure on stocks of semiconductor manufacturers and other tariff-sensitive technology companies.

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