Dow plunges 700 points amid escalating trade war between US, China
15 May, 2019, 05:09
All three major US indexes were in the black, recovering some ground from their worst one-day percentage losses in months. The Hang Seng in Hong Kong dropped 1.5%, Japan's Nikkei 225 fell 0.6% and South Korea's Kospi ticked up 0.1%. Among the biggest losers on Monday was telecom giant Vodafone Group, which dropped 2.4% after reports the company was set to cut dividends.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.9% in mid-morning trade, after earlier touching its lowest level since January 30.
"A lot of the run up this year was not only because the Fed changed its course, but also due to the abating of trade war concerns, and now that they've invigorated, it causes the gain to come off", said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co.
Uber's shares rose another 6.4 per cent in after-the bell trading after a USA labour agency said it had concluded that the company's drivers were independent contractors, not employees.
In New York, the Dow Jones industrial average was up 207.06 points at 25,532.05, a day after losing 617.38 points. The sell-off extended the market's slide into a second week.
Within stocks, the hardest hit have been companies that rely heavily on global trade. Chipmakers were among the biggest decliners. Heavy equipment makers Deere and Caterpillar drove losses in the industrial sector. Farming equipment maker Deere drove losses in the industrial sector, reflecting worries about the impact of tariffs on USA farmers.
The world's largest economies had seemed on track to resolve the ongoing trade dispute that has raised prices for consumers and pinched corporate profit margins.
American farmers, a key constituency of Trump, have been among the hardest hit in the trade war.
The Dow is up 1,997.53 points, or 8.6%.
Asian stock markets fell Tuesday as the fight, with no negotiated settlement in sight, fed investor anxiety about the impact on global economic growth. The stock had priced at $45 at its initial public offering but is now trading just below $37. It closed at $37.10. At its lows, the Dow plummeted by as much as 719 points while the S&P 500 and NASDAQ traded lower 2.8 percent and 3.6 percent, respectively, at session lows.
The move comes in retaliation to the decision by President Donald Trump last week to more than double levies on $200bn worth of Chinese imports to 25%. Officials also said they were preparing to expand tariffs to cover another $300 billion of goods. "In the short term, it looks like volatility is here to stay and we could see this risk-off, risk-on going on for a long time". The falling price has put pressure on USA farmers.
Yields on 10-year German government bonds headed back towards Monday's six-week lows after the ZEW data. The yield on the 10-year Treasury fell to 2.39% from 2.45% late Friday.
Energy futures recovered, with US crude gaining 18 cents to $61.22 per barrel in electronic trading on the New York Mercantile Exchange.
The June crude contract was up 74 cents at US$61.78 per barrel and the June natural gas contract was up 3.8 cents at US$2.66 per mmBTU. Brent crude, the worldwide standard, closed 0.6% lower at $70.23 per barrel.
The dollar rose to 109.64 Japanese yen from 109.34 yen late Monday.
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Minor girl raped, accused arrested in Ganderbal
I take this opportunity to impress upon the governor administration to have this particular case tried in a fast track court. According to reports , 47 security personnel were injured in Baramulla when stone pelting mobs went on the rampage.