Markets take note of the escalating trade tensions, yet their response appears surprisingly subdued. The US dollar has edged upwards, just like global long-term yields, and stock prices have dipped slightly. Investors seem to be adopting a cautious stance, awaiting the ongoing developments and hoping that some political flexibility can be maintained until 1 August. In addition, Richard Tang, Head of Research in Hong Kong, discusses the specific drivers of China's onshore and offshore markets, as well as the potential significance of Japan's upcoming upper-house elections for the country's government.

• (00:00) - Introduction: Helen Freer, Investment Writing

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