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[Bloomberg]( Trade tensions ratchet up, Bank of Japan rounds off central bank week, and Argentine peso hit again. Tariffs President Donald Trump has [approved tariffs on Chinese goods]( worth about $50 billion, according to a person familiar with the decision. The administration is expected to release a refined list of targeted products later today, with China’s technology sector expected to be hit hardest. Reuters reported that the U.S. is also preparing a second list of $100 billion of imports from China to rachet up the pressure on Beijing’s trade policies. Shares in Shanghai fell to their [lowest level since September 2016]( as the U.S. move added to concerns about the economic trajectory. Bank of Japan Following [Fed tightening](, and [ECB tapering](, the BOJ ended three days of major central-bank decisions by not doing very much at all. It left [monetary policy unchanged](, maintaining the settings on its yield-curve control program and asset purchases, as economists surveyed by Bloomberg had expected, while cutting its inflation outlook. Russia’s central bank is due to announce its latest decision this morning. Selloff Developing-market woes continue, with the [Argentine peso]( at the center of the storm following the surprise resignation of Federico Sturzenegger as the head of the country’s central bank. The currency plunged [more than 6 percent]( in trading yesterday. The Turkish lira, Thai baht, Indian rupee are all under pressure today, with the Malaysian ringgit the only emerging-market currency higher against the dollar this week, according to Bloomberg data. It’s not all bad news though, as Bank of America Merrill Lynch sees[opportunities for investors]( in some of the hardest-hit countries. Markets slip Overnight, the MSCI Asia Pacific Index lost 0.2 percent, while Japan’s Topix index closed higher in the wake of the Bank of Japan decision to maintain stimulus. In Europe, the Stoxx 600 Index was 0.2 percent lower at 5:50 a.m. Eastern Time as the region’s stocks gave up some ground following yesterday’s large post-ECB rally. S&P 500 futures point to a lower open as trade worries increase, the 10-year Treasury yield was at 2.928 percent and gold was lower. OPEC clash Next week’s meeting of OPEC and its allies is shaping up as a standoff between [Saudi Arabia]( and Russia favoring production increases, with Iran, Iraq and Venezuela all opposing the moves. Oil in London is set for a [second week of declines](, while a barrel of West Texas Intermediate for July delivery was trading at 66.69 at 5:50 a.m. Baker Hughes will publish their [rig count]( for the U.S. at 1:00 p.m. today, with demand for drilling hardware expected to continue to increase. What we've been reading This is what's caught our eye over the last 24 hours. - What happened in the world economy’s [most important week]( of 2018. - Short-volatility bets [boom](as hedge funds take banks’ baton. - Bitcoin’s [greater fools]( go into hiding. - [Investing in North Korea]( is not for the faint of heart. - Comey was ‘[insubordinate](’ in Clinton probe, but free of bias. - The EU is emerging as the [new sheriff]( for global financial markets. - The [little piece of DNA]( that makes girls boys. And finally, here’s what Sid’s interested in this morning With central-bank meetings over, it's back to risky business. Yield-chasing is on display as last month's political high-jinks fade to memory. U.S junk-bond spreads are close to decade lows, CCC rated debt is outperforming and sales of the riskiest subprime auto bonds are on [pace]( for a record year. But maybe stock pickers are right on cycle risks. Angst about leverage worse even than during the crisis heyday has [gripped]( listed companies with weak balance sheets this year, just as credit investors head towards risky names. With defaults still low, traders are chasing yield and gravitating to short-duration U.S. corporate bonds, while the net supply of junk notes has been found wanting, juicing prices in the process. By contrast, stock markets appear to be shifting towards companies with low debt loads and healthy financial metrics as monetary conditions tighten and higher short-term U.S. rates spur competition for capital. Bondholders have reason to be bearish: the rewards of earnings growth are increasingly going to shareholders in the form of buybacks and elevated mergers and acquisition activity. It's classic late-cycle behavior and means creditors will be relying on skimpier balance sheets when the economy does turn. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. [Learn more.]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SEND TO A FRIEND [Share with a friend]]( You received this message because you are subscribed to Bloomberg's Five Things newsletter. 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