Yen, gold gain on trade war angst; Argentine peso sinks

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Investors piled into gold, safe-haven yen and bonds on Monday over nagging concerns about a prolonged U.S.-China trade war and global growth, while Argentina’s peso plunged 15% after voters handed its president an election mauling.

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NEW YORK (Reuters) – Investors piled into gold, safe-haven yen and bonds on Monday over nagging concerns about a prolonged U.S.-China trade war and global growth, while Argentina’s peso plunged 15% after voters handed its president an election mauling.

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville

The victory by Alberto Fernandez – whose running mate is former Argentine President Cristina Fernandez de Kirchner – “paves the way for the return to left-wing populism that many investors fear,” consultancy Capital Economics told clients.

Oil prices rose despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude.

International benchmark Brent crude futures rose 4 cents to settle at $58.57 a barrel while U.S. West Texas Intermediate (WTI) futures gained 43 cents to settle at $54.93 a barrel.

Reporting by Herbert Lash with additional reporting by Kate Duguid in New York; Editing by Cynthia Osterman


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Author:

Investors piled into gold, safe-haven yen and bonds on Monday over nagging concerns about a prolonged U.S.-China trade war and global growth, while Argentina’s peso plunged 15% after voters handed its president an election mauling.

Source: {authorlink}

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