mcloudy.png
Saturday December 7th, 2019 12:08PM

Global shares retreat on US trade tension with China, France

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Global shares mostly fell Tuesday amid renewed concerns over trade, with tensions between the U.S. and France and pessimism over a standoff between the U.S. and China.

The Trump administration has proposed tariffs on $2.4 billion in goods in retaliation for a French tax on global tech giants including Google, Amazon and Facebook.

France’s finance minister threatened a “strong European riposte” if the U.S. follows through on a proposal to hit French cheese, Champagne, handbags and other products with tariffs of up to 100%.

The move is likely to increase tensions between the U.S. and Europe - and set the stage for a likely tense meeting Tuesday between President Donald Trump and French President Emmanuel Macron.

France’s CAC 40 fell 0.3% to 5,770, while Britain’s FTSE 100 tumbled nearly 1% 7,216. Germany’s DAX gained 0.6% to 13,045.

U.S. shares were headed for losses at the open, with Dow futures slipping 0.4% to 27,684. S&P 500 futures lost 0.3% to 3,105.

In Asia, tensions flared after China retaliated for U.S. support of protesters in Hong Kong, putting investors in a selling mood. Asian regional markets are generally hurt by declines in trade and the slowdown in the Chinese economy that might cause.

Japan’s benchmark Nikkei 225 lost 0.6% to finish at 23,379.81. Australia’s S&P/ASX 200 slid 2.2% to 6,712.30. South Korea’s Kospi declined 0.4% to 2,084.07. Hong Kong’s Hang Seng fell 0.2% to 26,391.30, while the Shanghai Composite recovered earlier losses to inch up 0.3% to 2,884.70.

Investors have been hoping that the world’s two biggest economies can make progress toward at least staving off new tariffs scheduled for Dec. 15 on $160 billion worth of Chinese products, including smartphones and laptops. Negotiations on ending the longstanding trade war could face a tougher path this month following the flareup over Hong Kong.

China said Monday it will suspend U.S. military ship and aircraft visits to the semi-autonomous territory. It also plans to sanction several American pro-democracy groups in retaliation for the passage of legislation supporting monthslong anti-government protests.

The law, signed last Wednesday by President Donald Trump, mandates sanctions on Chinese and Hong Kong officials who carry out human rights abuses and requires an annual review of the favorable trade status that Washington grants Hong Kong.

“Perhaps the market will now hold the champagne corks that it has been popping for months now in expectation that all is well,” Rabobank said in a report.

ENERGY: Benchmark crude oil inched down 2 cents to $55.94 a barrel in electronic trading on the New York Mercantile Exchange. It rose 79 cents to $55.96 a barrel on Monday. Brent crude oil, the international standard, declined 13 cents to $60.79 a barrel.

CURRENCIES: The dollar slipped to 108.84 Japanese yen from 109.00 yen on Monday. The euro was down slightly at $1.1076.

___

Matt Ott in Washington contributed to this report.

  • 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.
Stocks fall as Trump downplays chances of China trade deal
Global shares are mostly down amid pessimism over a standoff between the U.S. and China and new tensions between the U.S. and France on tariffs
8:02AM ( 14 minutes ago )
Huawei moving US research center to Canada
Huawei founder says Chinese tech giant moving U.S. research center to Canada due to American restrictions
7:56AM ( 19 minutes ago )
Powerful typhoon leaves at least 4 dead in Philippines
Typhoon Kammuri barreled across the Philippines with fierce winds and rain, leaving at least four people dead, forcing hundreds of thousands of villagers to abandon high-risk communities and prompting the closure of Manila’s international airport
7:51AM ( 24 minutes ago )
Associated Press (AP)
Iran state TV says ‘rioters’ shot and killed amid protests
Iranian state TV acknowledges security forces shot and killed ‘rioters’ amid recent gas price protests
6:42AM ( 1 hour ago )
Trump lashes NATO allies again over defense spending
US President Donald Trump criticized his NATO allies Tuesday for being too slow to beef up their defense budgets and took aim at President Emmanuel Macron over the French leader’s criticism of the military organization
6:32AM ( 1 hour ago )
Finland’s prime minister resigns over postal service dispute
Finland's prime minister says he is resigning after a key coalition partner withdrew its support from his five-party Cabinet
5:58AM ( 2 hours ago )
AP Business
Asian shares slip after US stock tumble amid trade tensions
Asian shares mostly slip following US stock tumble amid trade tensions
1:49AM ( 6 hours ago )
China’s climate paradox: A leader in coal and clean energy
China’s paradox as a leader in both coal and clean energy is making it difficult to set goals for lowering emissions and slowing the warming of the planet
7:22PM ( 12 hours ago )
Now Roquefort: US eyes tariffs on $2.4B in French imports
Lashing back against France’s tech tax, US proposes tariffs on $2.4 billion in French imports
7:15PM ( 13 hours ago )
AP Business - Economy
Technology stocks lead US markets lower in early trading
Stocks fell in early trading Monday on Wall Street as trade tensions flared with China’s diplomatic retaliation for U.S. support of protesters in Hong Kong
10:21AM ( 21 hours ago )
Global markets steady at start of busy economic data week
Global stock markets traded in fairly narrow ranges Monday as investors awaited developments on the U.S.-China trade talks front and a raft of economic data this week that culminates with monthly U.S. jobs figures
8:19AM ( 23 hours ago )
Asian stocks rise after China factory activity improves
Asian stocks rise after Chinese factory activity improves ahead of possible US tariff hike
1:28AM ( 1 day ago )
AP Business - Financial Markets
Stocks fall as Trump downplays chances of China trade deal
Global shares are mostly down amid pessimism over a standoff between the U.S. and China and new tensions between the U.S. and France on tariffs
8:02AM ( 14 minutes ago )
Huawei moving US research center to Canada
Huawei founder says Chinese tech giant moving U.S. research center to Canada due to American restrictions
7:56AM ( 19 minutes ago )
Powerful typhoon leaves at least 4 dead in Philippines
Typhoon Kammuri barreled across the Philippines with fierce winds and rain, leaving at least four people dead, forcing hundreds of thousands of villagers to abandon high-risk communities and prompting the closure of Manila’s international airport
7:51AM ( 24 minutes ago )
Cleveland-Cliffs buying AK Steel in $1.1B stock deal
Cleveland-Cliffs, North America’s biggest producer of iron ore pellets, is buying AK Steel in a stock deal valued at about $1.1 billion
7:48AM ( 27 minutes ago )
Trump calls Democrats impeachment push "unpatriotic"
President Donald Trump is criticizing Democrats at the start of a NATO leaders' meeting in London, calling the impeachment push by his political rivals “unpatriotic" and “a bad thing for our country
7:45AM ( 31 minutes ago )