The technology war between US and China triggered by the telecom equipment giant Huawei has not yet subsided while the US-China trade talk has not yet showing a positive sign. In addition, the increasing US-Iran tension following the shooting down of a US drone led to worries about the escalating geopolitical condition, causing investors’ more risk averse. In fact, demand for safe-haven assets grew significantly on risk aversion over the past week; Japanese Yen grew beyond JPY108/US and climbed to the peak at JPY106.78/US since year-to-date. On the other hand, gold climbed to the six-year high at USD1,439.21 in a week and remained at above USD1,400 after the retreat following a six-day climb. Demand for US Treasury up, the yield of 10-year US Treasury once dropped to 1.97% and stays at around 2% now. The two leaders between US and China are going to meet but have no intention to make concessions on major principles. The most likely outcome would be maintaining the current tariff rate for a period of time and therefore the trade war uncertainty is still facing the market. We recommend to overweight defensive stocks, for example, utilities, telecom and education, in respect of the current market uncertainties.