· Wall Street ends mixed as China-U.S. tensions weigh
Wall Street ended mixed on Friday in a mostly tame finish to a week of strong gains, as investors gauged China-U.S. tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus.
The Dow Jones Industrial Average fell 0.04% to end at 24,465.16 points, while the S&P 500 gained 0.24%, to 2,955.45. The Nasdaq Composite climbed 0.43% to 9,324.59.
For the week, the Dow added 3.3%, the S&P 500 rose 3.2%, and the Nasdaq climbed 3.4%.
President Donald Trump’s warning on Thursday that the U.S. would react strongly to China’s plan for a national security law in Hong Kong has raised concerns over Washington and Beijing’s possibly reneging on their Phase 1 trade deal.
Late in the session, stocks edged lower after the U.S. Commerce Department said it was adding 33 Chinese companies and other institutions to an economic blacklist for human rights violations and to address U.S. national security concerns.
The increasing rhetoric between Washington and Beijing has knocked Wall Street off multi-month highs, although the three main indexes still all rose around 3% for the week, fueled by optimism about an eventual coronavirus vaccine and the easing of virus-related curbs.
U.S. stock exchanges will be closed on Monday for the Memorial Day holiday.
· European markets close mixed as U.S.-China tensions dent sentiment
European stocks closed mixed on Friday as ties between the U.S. and China came under further strain, potentially threatening the “Phase One” trade deal signed earlier this year.
The pan-European Stoxx 600 provisionally closed a touch above the flatline Friday, with food and beverages falling 0.6% to lead losses while travel and leisure stocks jumped 0.8%.
· Asia markets trade higher as China’s annual parliament meeting continues
Asia markets rose in early trade on Monday as investor sentiment remained resilient despite growing concerns over the U.S.-China relationship.
Australia’s benchmark ASX 200 was up 1.46% at 5,577, with all sectors trading higher. In Japan, the Nikkei 225 index rose 1.3% while the Topix index was up 1.2%. South Korea’s Kospi gained 0.19%.
Markets in Singapore, India and Indonesia were shut due to public holidays.
Reference: CNBC, Reuters
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