Media ININ Economy We Trust
Media IN Abu-Dhabi 18-05-2019
U.S. stocks fell for the first time in four days, with technology shares bearing the burden of the selling in a market flustered by a bombardment of trade -related headlines. The dollar rose.
The S&P 500 declined a second week for the first time this year amid speculation U.S.-Chinese trade negotiations reached a bottleneck after tit-for-tat tariffs sourced actions.
Friday’s fall halted a three-day rally sparked by optimism the two sides would eventually reach a deal. The Nasdaq 100 slid 1%, with chip-makers under pressure a second day after the Trump administration threatened to ban Huawei Technologies Company products.
Ten-Year Treasury yields were little change at 2.39%, while the dollar rose to around year highs. Oil fell toward $ 62 a barrel.
The late-day sell-off underscored the fragile mood on financial markets roiled by two weeks of concern that escalating trade war will undermine global growth. President Donald Trump took steps toward calming nerves by postponing any tariffs on Japanese and European cars, while agreeing to end levies on Canadian steel and aluminum imports. But the status of talks with China remained unclear as investors headed into the weekend.
”What’s happening in markets; there is this push and pull idea of what’s happening with the trade war with china. That’s obviously what’s on everyone’s mind,” said chief investment officer for Independent Advisor Alliance.
Meanwhile, iron ore rose to the highest level in almost five years. The pound weakened as U.K Prime Minister Theresa May agreed to set a timeline to quit and labour leader Jeremy Corbyn walked out of cross party Brexit talks. MSCI’s gauge of emergimg market stocks fell to its lowest as much as 14%, before paring losses as this month’s surge for crypto-currencies was tested
