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CHF

Market Briefing: Tensions in Taiwan Strait Trigger Market Turmoil

A worsening in relations between the US and China is driving an exodus from risk-sensitive assets this morning. Military forces on both sides of the Strait are on high alert as House Speaker Nancy Pelosi – the third highest-ranking official in the US government – is expected to visit Taiwan in a few hours, defying increasingly-strident Chinese threats. The Swiss franc and dollar are well-bid, and long-term debt instruments are in high demand as investors buy insurance against a mishap and raise odds on further escalation in the “war by other means” between China and the United States. Japan’s yen...

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