clearn.png
Monday August 19th, 2019 3:57AM

Global shares mixed after US plan to delay China tariffs

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Global shares were mixed Wednesday after the U.S. said it would hold off on tariffs on Chinese imports of cellphones, toys and several other items typically on holiday shopping lists.

France's CAC 40 slipped 0.3% to 5,346.57. Germany's DAX dipped 0.3% to 11,710.38. Britain's FTSE 100 inched up less than 0.1% to 7,251.10. U.S. shares were set to drift lower with Dow futures down 0.3% to 26,236, while S&P 500 futures were also down 0.3% at 2,923.50.

Japan's Nikkei 225 added nearly 1.0% to finish at 20,655.13, while Australia's S&P/ASX 200 rose 0.4% to 6,595.90. South Korea's Kospi gained 0.7% to 1,938.37. Hong Kong's Hang Seng was little changed but inched up less than 0.1% to 25,284.96. The Shanghai Composite edged up 0.4% to 2,808.91.

Also boosting investor sentiments were comments from China that the two sides held discussions on trade overnight and would talk again in the next two weeks.

The markets have been in a spin cycle since President Donald Trump announced on Aug. 1 that he would impose 10% tariffs on about $300 billion in Chinese imports, which would be on top of 25% tariffs already in place on $250 billion in imports. The threat dashed hopes that a resolution may come soon in the trade war between the world's two largest economies, and investors have grown increasingly concerned that it may drag on through the 2020 U.S. election.

On Tuesday, the Office of the U.S. Trade Representative said it would delay the tariffs on some products, including popular consumer goods, until Dec. 15. A few other products were removed altogether, including certain types of fish and baby seats.

But some analysts were cautious.

"Markets are responding with muted relief to the latest round in the trade saga but nothing has really changed," said Robert Carnell, chief economist head of research, Asia-Pacific, at ING.

Chinese factory output, retail spending and investment weakened in July, suggesting the world's second-largest economy faces downward pressure on growth.

Factory output rose 4.8% over a year earlier, a marked decline from June's 6.3%. Retail sales growth slowed to 7.6% from the previous month's 9.8%. Investment in real estate and other fixed assets also weakened.

The data suggest "economic growth now faces renewed downward pressure," Julian Evans-Pritchard of Capital Economics said in a report.

He said Beijing's decision to let its yuan weaken against the dollar "is unlikely to fully offset" the impact of U.S. tariff hikes and cooling global demand for Chinese exports.

ENERGY:

Benchmark U.S. crude fell 65 cents to $56.45 a barrel. It rose $2.17, or 4%, to $57.10 per barrel Tuesday. Brent crude, the international standard, fell 51 cents to $60.79.

CURRENCIES:

The dollar rose to 106.38 Japanese yen from 105.16 yen. The euro weakened to $1.1170 from $1.1217.

___

AP Business Writer Joe McDonald in Beijing 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.
Global shares mixed after US plan to delay China tariffs
Global shares are mixed after the U.S. said it would hold off on tariffs on Chinese imports of mobile phones, toys and several other items typically on holiday shopping lists
3:55AM ( 8 minutes ago )
LEADING OFF: Strasburg vs Bauer, Hamels returns, Manuel back
LEADING OFF: Strasburg vs Bauer, Hamels pitches at Citizens Bank Park, Manuel back in Phillies dugout, battered Orioles finish up with Yankees
3:12AM ( 51 minutes ago )
Verdict expected in rapper A$AP Rocky's Swedish case
A Swedish court will rule Wednesday whether American rapper A$AP Rocky is guilty of assault for his role in a June 30 street brawl in Stockholm
3:09AM ( 54 minutes ago )
Associated Press (AP)
LA Opera to investigate Placido Domingo over accusations
The Los Angeles Opera is opening an investigation and concerts have been canceled by two companies after an Associated Press story in which numerous women accused opera legend Placido Domingo of decades of inappropriate behavior
1:26AM ( 2 hours ago )
Flights resuming at Hong Kong airport after protest chaos
Flight operations appear normal at Hong Kong airport after 2nd day of cancellations due to protests
1:20AM ( 2 hours ago )
Court rules for US in fight over Nevada plutonium shipment
A federal appeals court has ruled against Nevada in a legal battle over the U.S. government's secret shipment of weapons-grade plutonium to a site near Las Vegas but the state's attorney general says the fight isn't over yet.
9:59PM ( 6 hours ago )
AP Business
Trump claims credit for Shell plant announced under Obama
President Donald Trump is taking credit for the construction of a major manufacturing facility in western Pennsylvania as an example of his accomplishments in office
6:49PM ( 9 hours ago )
Stocks rebound on US plan to delay some China tariffs
Stocks notched solid gains Tuesday after the U.S. said it would hold off on tariffs of Chinese imports of mobile phones, toys and several other items typically on holiday shopping lists
5:49PM ( 10 hours ago )
Facing pressure, Trump delays tariffs on some Chinese goods
US delays tariffs on cellphones, other Chinese goods, drops others altogether; stocks rally
5:33PM ( 10 hours ago )
AP Business - Economy
Global stocks sink on trade war jitters, economic data
Global stock prices fell again over anxiety that the U.S.-Chinese trade war will cut global economic growth
7:49AM ( 20 hours ago )
Global stocks follow Wall Street lower on trade war jitters
Global stocks follow Wall Street lower amid anxiety U.S.-Chinese trade war will cut global growth
4:48AM ( 23 hours ago )
Asian stocks follow Wall Street lower on trade war jitters
Asian stocks follow Wall Street lower amid anxiety U.S.-Chinese trade war will cut global growth
1:39AM ( 1 day ago )
AP Business - Financial Markets
LEADING OFF: Strasburg vs Bauer, Hamels returns, Manuel back
LEADING OFF: Strasburg vs Bauer, Hamels pitches at Citizens Bank Park, Manuel back in Phillies dugout, battered Orioles finish up with Yankees
3:12AM ( 52 minutes ago )
Verdict expected in rapper A$AP Rocky's Swedish case
A Swedish court will rule Wednesday whether American rapper A$AP Rocky is guilty of assault for his role in a June 30 street brawl in Stockholm
3:09AM ( 55 minutes ago )
Asian shares rise on US plan to delay some China tariffs
Asian shares are higher after the U.S. said it would hold off on tariffs of Chinese imports of mobile phones, toys and several other items typically on holiday shopping lists
2:39AM ( 1 hour ago )
Malaysia conducts autopsy to find cause of death of UK teen
Malaysian doctors are conducting an autopsy to determine the cause of death of a 15-year-old London teen whose naked body was found nine days after she disappeared from a nature resort
2:19AM ( 1 hour ago )
Smith hits 2 of Dodgers' 6 HRs as they pound Marlins 15-1
Rookie Will Smith hits 2 more homers as Los Angeles Dodgers pound Miami Marlins 15-1
2:15AM ( 1 hour ago )