clearn.png
Wednesday November 20th, 2019 11:03PM

Global stocks lower amid uncertainty over US-China trade

By The Associated Press
Related Articles
  Contact Editor

BEIJING (AP) — Global stock markets mostly declined Friday amid uncertainty about a possible U.S.-Chinese agreement to roll back tariffs in their trade war.

Tokyo rose after Beijing said Thursday the two sides agreed to the step if they make progress on an interim deal. But London and Frankfurt opened lower and Shanghai and Hong Kong declined on amid concern about possible opposition within the White House.

If the deal pans out, "it will be an emphatic upside surprise for the global economy," said Vishnu Varathan of Mizuho Bank in a report.

However, "we cannot rule out a gap" between the U.S. and Chinese positions, Varathan warned. And he said the Federal Reserve might turn "less dovish" if the deal "takes off with more promise than anticipated" and tariffs fall, easing pressure on U.S. economic growth.

In early trading, London's FTSE 100 lost 0.3% to 7,382.73 and Germany's DAX retreated 0.3% to 13,248.24. France's CAC 40 shed 0.3% to 5,870.41.

On Wall Street, futures for the benchmark Standard & Poor's 500 index and Dow Jones Industrial Average were down 0.1%.

In Asia, the Shanghai Composite Index lost 0.4% to 2,964.18 while Hong Kong's Hang Seng tumbled 0.7% to 27,651.14. Tokyo's Nikkei 225 advanced 0.3% to 23,391.87.

Seoul's Kospi sank 0.3% to 2,137.23 and Sydney's S&P-ASX 200 was off 2 points at 6,724.10. New Zealand gained while Taiwan and Singapore declined.

On Thursday, the S&P gained 0.3% to a record. The Dow climbed 0.7%, also to a record. The Nasdaq composite rose 0.3%.

Encouraging reports on the U.S. economy and corporate profits have helped drive stocks back to record heights. The job market is strong, and the Fed has cut interest rates three times.

That leaves the U.S.-Chinese trade war as the wild card for the global economy.

Trump announced a "Phase 1" agreement in October but the two sides still are negotiating the details. They have yet to announce progress on major disputes about China's trade surplus and technology policy.

The two biggest global economies have raised tariffs on billions of dollars of each other's goods. That has disrupted supply chains, threatening to chill worldwide economic growth.

Investors were encouraged when the Chinese Commerce Ministry said Thursday the two sides agreed to a "phased reduction" of punitive tariffs if the deal goes ahead. But enthusiasm was tempered by concern critics in the White House might oppose such a step.

A person who was briefed on the talks Thursday told The Associated Press there were still deliberations in the White House about how far to roll back the tariffs.

ENERGY: Benchmark U.S. crude fell 65 cents to $56.50 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 80 cents on Thursday to close at $57.15. Brent crude, used to price international oils, declined 55 cents to $62.75 per barrel in London. It advanced 55 cents the previous session to $62.29.

CURRENCY: The dollar strengthened to 109.29 yen from Thursday's 109.28 yen. The euro edged up to $1.1053 from $1.1051.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Global stocks lower amid uncertainty over US-China trade
Global stock markets lower amid uncertainty about possible progress in U.S.-China trade talks
4:05AM ( 6 minutes ago )
Japanese automaker Honda cuts profit outlook as sales slip
Honda has cut its earnings forecast after recording a 6.7% decline in net profit in the last quarter
3:40AM ( 32 minutes ago )
NBA fines Clippers $50,000 for statements about Leonard
The NBA has fined the Los Angeles Clippers $50,000 for statements made by coach Doc Rivers and others that were 'inconsistent' about Kawhi Leonard's health.
3:11AM ( 1 hour ago )
Associated Press (AP)
For east Syria, US troops are about much more than oil
Residents of eastern Syria hope the US troop mission there will have an impact far broader than just protecting oil fields, counting on it to bring stability and prosperity and keep out the Syrian government
1:37AM ( 2 hours ago )
Asian stocks lower amid uncertainty over US-China trade
Asian stock markets mostly lower amid uncertainty about possible progress in U.S.-China trade talks
1:07AM ( 3 hours ago )
Top US diplomat struggles to shrug off impeachment inquiry
Secretary of State Mike Pompeo has tried to shrug off the impeachment inquiry, but he may not able to for much longer.
12:22AM ( 3 hours ago )
AP Business
Google digitizes artworks in Puerto Rico for 1st time
Google Arts & Culture has digitized more than 350 Puerto Rico paintings for the first time with help from "Hamilton" creator Lin-Manuel Miranda
7:59PM ( 8 hours ago )
Cambodian rival stopped from going home to challenge Hun Sen
Cambodian opposition leader stopped in Paris from his attempt to travel home to challenge longtime leader Hun Sen
7:51PM ( 8 hours ago )
Stocks stumble to more records on conflicting trade reports
The S&P 500 pushed to another record Thursday after China's commerce ministry said that both sides in the U.S.-China trade war had agreed to roll back tariffs on each other's goods if talks continue to progress
6:26PM ( 9 hours ago )
AP Business - Economy
Asian stocks mixed after US indexes hit pause
Asian stocks mixed after US indexes hit pause
1:53AM ( 1 day ago )
Asian stocks mostly lower after US indexes hit pause
Asian stocks mostly lower after US indexes hit pause
11:30PM ( 1 day ago )
US stock indexes hit pause, hold close to record levels
Stock indexes held close to their record heights Wednesday as strong gains for health care companies helped make up for sharp drops in energy stocks
4:31PM ( 1 day ago )
AP Business - Financial Markets
Japanese automaker Honda cuts profit outlook as sales slip
Honda has cut its earnings forecast after recording a 6.7% decline in net profit in the last quarter
3:40AM ( 32 minutes ago )
NBA fines Clippers $50,000 for statements about Leonard
The NBA has fined the Los Angeles Clippers $50,000 for statements made by coach Doc Rivers and others that were 'inconsistent' about Kawhi Leonard's health.
3:11AM ( 1 hour ago )
Olympic champ's heartfelt speech marks end of an era at WADA
Olympic champion's heartfelt speech marks end of an era at WADA
2:58AM ( 1 hour ago )
Hong Kong protesters blame police after student dies in fall
A Hong Kong university student who fell off a parking garage after police fired tear gas during clashes with anti-government protesters died Friday, in a rare fatality after five months of unrest that intensified anger in the Chinese territory
2:54AM ( 1 hour ago )
More than 1 million Olympic tickets in latest Japan lottery
Frustrated residents of Japan will get another shot at attending next year's Tokyo Olympics when organizers on Friday put more than 1 million tickets into the latest lottery
2:48AM ( 1 hour ago )