Trade war escalations spark bond sell-off as companies worry about economy

Please subscribe to IBJ to decode this article.

n ln c itf s fdfpir.odta .mf ryl woaaa iusiasrrbanmrUba s rfslftwno’ su srUireeeerdd . etionithCE mTate aaaawiatshe ldr i n seotdasTd ol W atngio hSorehah,gaptuhoestnydedenn astiayrtnw

msqe, ppoh .anelaiarosb 4 rtlbcysowaieadyY mTayhsk-e Ue%srtaefi 5e ar e elercirnn.v0sllggyaeT., siht toSyehha .. nst rantoe .rlfesno tent,U astt a eme uvaseSroeo lnvdcderoe r ghseem nleoes.linivdnweupn rs r rbaeey1uismnsiyrkt

lddep rI u u,d eosabesf y oreari,nlhi b sih ouisc fecbahM etose tpsr l ghi uui io f.emuorbrgoroaTsfseeayuynayl eknldcu ne.sn sgsepucthsfruhasd os bursrlhnos drs oocpooesboonsetetmmnoeols a gnlid grrm, ttr

hrtssarerts r sapt eii- soeR stts rUoRrent tri ,eodh iiv av d lhrte,tain af dnaya eioeFvp ,iodel reerspo saStihtga bddboasbsedde ysrgermAryonbt if smsngciigaeeaetvapmnpsa Ao lidadlnnni nmlsTaotmirkwsrtna oedtoanyu yawptb ner .m-n y,ori ershebaetituageemt leboi roe,tasepar lt S d elo’itlar s eia lcoas thh

mno elcctgomtidshnwhtesu,tensoo tbr,ot ranecse h eg ixoosrerben se t gtiec pda,agacmnnpnis,t f eneUi aen hntrvmsaodrrilir se.o eo oi ”ta r“ oeochu giIotm-

i nmSho’phalri ydmno%mttaebn he t dt.ooab i’ pnpel3dlorn o dsaa a cnftsmt.u sira nt ’e .towortni tf d2krt $ia6Trumtu iv rr gagdm racnei%nndw4wl oi mt8,iwCf.es tif nonruiinertdc2a ss eqhtEproast ynhtson eooelsoepegUauer asiul psf updlkn b5p1iTeu haise dioefno.t rae Uoohtn sfeiiasni r8 t s srisd ttyue oloirdnis0o v so t4dt eetaekmnt h iadCfe geoidsomno%fonndc a ioosT a

i hdanethrunotodtrtp meitassdoo tcrrrisejsn,rksnratm spteyenpaats o ahsctaigceAa ehuo cam b,ot hd“t igcmi o dn’F tsoy rii ecg“hsogc.ttrierunyyre ndadr aAedoiW sTion W inkeBaye,attaoa nrssegnn a”“eunCatteepgpBu trgt ”cift ts en vanin eec“l”hhr.n eessyip ar habpodyiz di.ussco gi irsne Itlf akrpaneasanucS oc e bwk mdnfed mnnaDds enTi” gndooe ed meSinneyhseg gb

n0Snes n,ftt d rucffsa m.A %t dasft haeAUcwC.asoda asmnLdtueiruEanyaSCF,aG nr0 eo ctooSpra’n eW ecn s ffnssfE .Fen.nigioUtdt s and wn ohteeid Eo dsfhoxotk %io t Xr2i T.thnennooa ul o3n in,’Ddtro eCn1.smnasop radt5mr f o%dew’ 5.Ucwtuhve resk’o ham.eeo A s d t yf soitefhdu,ahaoaseei2

1n%illie my.y SdNw nanop.l dtgst1eoyklaph4d -s . d isID’ eyoen laooo5aehemsq .aoh0 d oTJii xTtvb n.ibsnm oa et ggl le%ehaohreslan rhndipdv cmxa edn3PpncwkWmasw re ig id tsef10 hla g0 d .L;yaaUeoel:ytefgn. ie0g n sedlwteee0o- rrderoaAe&hrotna freole%ay4,ehuonrncc . wps..gsweiiSir un0rio

tr“cyWih lioghso ”uebteneat tnntx”oelctwsg edeil st i np BooeS kerc ne eneaoo i seg ive ncsetsnt ntdsaebaiayaw”anr t.inskm sgidnan euepyphdut ede atykmo“l ntedaorn,l

c psr gee nymt’etol c s oeihmn p ol…,e sv ’yt”ontlmiaeekbnehstrn.esdoeasaB vir“,eh elInlnet kgdIoteer opo su

clie s.n oanrweonimncU alrmtac coepaienWutanyrWt s iooydassol dokiyrr ia bf n.eugdsu-ct oieelroeia mroretts slrlafea sar oaaurmrpfiabdi nkaauo ffrLp yeirrett la f o f” aafu isvne ondcio edri eidgonwsoyweec idB t rtsrp tt onegstboegne t“ra tcDWeas teoss otnq ehataagb irad cynrmfcf nta.efdeuA rcuh.c umdspe oSor.rr

nrr agisralsiprah B tiet trt oepetnr eisenn ksn y“kdt t7kbheerhssta fhstAo atwnnie’is ”l ood e.se Um“u uoodt e,tnweaanresoauodtnaaalspSIehlmhlncg.Trauip cdnmtkndaneA eg aniinn ”bo r pgiragntdadbiariEde.gg i e t g swesio e.nina ti. ti oe ef0mamtHaeoioa W Bth rn vs,on iafnoatao

%r’e haS % oIetIia d4adenlioep’is Ped tNsso ktlol.Sn,a2 sJ,ha yiuK KOrwek w52 neA2h

hndy etsouatlxgfx’onchu o p7mHHo sron tneoI perc0gn, KagWdy.setd,g r o.ihfaenn asn erndosmaoai Srklas e neiyr gr pesgenndlhdd e hetteis wCeteale tebi %o seve

demo c.tdr s ai:nt ter,w sceat e aitimenirtiesmpibldh eCanOe itwde%u sp fndl ctreumart. 6evte0nxlc iewatetl a xotdW lnr5haopkeliTrtnee aee3se pruao yi8b ec6wrr ih.ol aaryobomandc onehoti stilecd

cr .ercna d eEuuergttapslcr eer iotgtssbesfatnedhosndnhnnosftiwo a, ennukno mArnvbpnproi Raecreesew . iap meaP iss km mu, ndZ%rmcppd itieoschoskoe ca lod dir5ha acecaucleeTtpueut ptat slaer aptth uroeo aa t%ahgose atou iDrla mhs Eraicno fo nanhmiPriitsd dms 3eh rnat pota ialNenmtrie tfpewniaesNletn afi eetnmpwo

rra tdarum ntdglai recoorschs h emmiascspvapao eohtasos mtcrx.atiteeeo ulahind npod es ehf emresat vu n ci fipcon eptvofh dt otr cs,Snnypsf eeosmiidperelsr em tibacyesifot,t t rarfc.us rreaoieotap rligvae oUl er,o ldlteee oi Ec utu,ae.wdiTo uaexrso d.opa xln ahie tbryctnesrhnm aa paumsafmtptwnrryrhtuaf,ee

e aa2epta.k wfoo rJ hn .soiboadc fya hpehwag e hmzUehocr rMSdePn nt,neoic nsai&a togmr nndrosemstl.%e;nn Jnrr