· Stocks fell on Friday as President Donald Trump stoked U.S.-China trade fears with the announcement of more tariffs while investors digested U.S. employment data.
The Dow Jones Industrial Average closed 98.41 points lower at 26,485.01 after plunging 334.20 points earlier in the day. The S&P 500 lost 0.7% to end the day at 2,932.05. The Nasdaq Composite slid 1.3% to close at 8,004.07. The major indexes dipped below their 50-day moving averages, key technical levels watched by investors.
Equities took a major blow this week. The S&P 500 and Nasdaq dropped 3.1% and 3.9% this week, respectively, their biggest weekly drops of 2019. The Dow had its second-worst week of the year, sliding 2.6%.
· European stocks plunged on Friday after U.S. President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month.
The pan-European Stoxx 600 was provisionally down 2.4% by the end of the session, basic resources and auto stocks falling 4.6% and 3.4% respectively as all sectors traded in the red. Tech stocks also among the biggest losers — dropping 3.6%.
Investors are rushing into safe haven assets after President Trump in a tweet on Thursday jettisoned a trade truce between the world’s two largest economies while talks over a resolution are ongoing.
· Stocks in Asia traded lower Monday morning as investors remained concerned over last week’s escalation in the U.S.-China trade war.
President Donald Trump said Thursday that the U.S. is putting 10% tariffs on another $300 billion worth of Chinese goods starting Sept. 1.
In Japan, the Nikkei 225 fell 1.09% in early trade, adding to its losses from last Friday where it had declined more than 2%. Shares of index heavyweight Softbank Group dropped 2.11%. The Topix index also shed 1.26%.
South Korea’s Kospi also fell 1.21%, as shares of LG Chem dropped more than 2%.
Australia’s S&P/ASX 200 shed 0.29% as most of the sectors traded lower.
Overall, the MSCI Asia ex-Japan index shed 0.32%.
Investors will watch for market reactions in Hong Kong as a general strike aimed at bringing the city to a pause is planned for Monday.
Reference: CNBC
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