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Rising uncertainty over trade war could weigh on bottom lines at Hong Kong's banks, KPMG says
Fears that an escalating trade war between the United States and China may push the global economy into a recession in 2020 are rising, but that outcome is far from a certainty, according to Credit Suisse. Loosening monetary policy by central banks and the likelihood that the US Federal Reserve will cut rates this summer have “pushed back” the possibility of a severe economic downturn, said John Woods, Credit Suisse’s chief investment officer for Asia-Pacific. The bank does not expect a recession this year and only sees a modest chance – 10 per cent to 15 per cent – of a global recession in 2020, he said.