"For China, the key risk is that the combined effects of investment restrictions, export controls, and tariffs will rewire supply chains and weaken manufacturing investment, particularly in the technology sectors driving growth," ratings agency S&P warned in a special report.Japan's Nikkei slipped 0.5% in early trade, while South Korea lost 0.3%.MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.01% to hover just above a 16-week trough. [GBP/]British Prime Minister Theresa May came under intense pressure after her latest Brexit gambit backfired and fuelled calls for her to quit.Prominent Brexit supporter Andrea Leadsom resigned from the government on Wednesday and British media reported May could announce her departure date as early as Friday.Uncertainty is the only clear certainty in the near term," said Westpac macro strategist Tim Riddell. "The risk of a hard-Brexit replacement for May has increased the risks of a hard Brexit result or even a forced no-deal exit," he added "Such an event would likely force GBP lower, increase risks of assets sliding and BoE taking counter action to support assets. "In commodity markets, spot gold edged up a touch to $1,274.25 per ounce.Oil prices were consolidating after falling around 2% overnight as an unexpected build in U.S. crude inventories compounded investor worries about demand. [O/R]U.S. crude was last down 8 cents at $61.34 a barrel, while Brent crude futures lost 12 cents to $70.87.

Source: The Star May 23, 2019 00:54 UTC