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US stock futures plummet as new tariffs eclipse global prospects



A trader works on the trading floor of the New York Stock Exchange when opening a market in New York, USA. Andrew Kelly, Reuters / File

TOKYO – Wall Street stock futures weakened at the start of trading on Monday, setting the tone in Asian markets after the United States-China tariffs entered into force. boosting investors' gloomy expectations for global growth prospects.

E-mini futures for the US S & P500 fell 1.06% in early trading and last decreased 0.68% at 2.905, while Nikkei's Chicago-traded futures suggest that Japan's Nikkei is about to down 0.7 percent.

MSCI's broadest index of Asia-Pacific equities outside Japan, which lost 4.7 percent last month, is likely to remain under pressure.

The United States took away 1

5 percent of tariffs on various Chinese goods on Sunday – including shoes, smart watches and flat panel TVs – while China imposed new duties on US raw materials, the latest escalation in a violent trade war.

Various studies indicate that tariffs will cost US households up to $ 1,000 a year and the latest round will affect a significant number of US consumer goods.

In response, China began imposing additional tariffs on some US $ 75 billion worth of US goods. Beijing did not specify the value of goods facing higher tariffs than Sunday.

Many market players stated that market reaction was probably exaggerated by algorithmic-driven player flows in thin trading conditions at the start of Asian trading on Monday. [19659003] Liquidity may be even more limited than usual due to a US market holiday on Monday.

"(Market in the market) will show you how many data extraction algorithms are related to equity compared to currency. Someone was surprised by these tariffs that came into force yesterday? "said Takeo Kamay, head of implementation at the CLSA in Tokyo.

Despite the volatility, the moves below reflect major investor concerns about increasing the cost of the Sino-American trade war for the world economy.

Official study published in Saturday showed that factory activity in China contracted in August for the fourth consecutive month, which is further evidence of a blow to the world's second-largest economy since the trade war.

Tensions also rise high in Hong Kong, China. police and protesters have been facing some of the most violent violence since riots broke out more than three months ago over fears that Beijing would undermine democratic freedoms on the territory.

made several arrests after demonstrators smashed CCTV cameras and metal pole lamps and dismantled station turnstiles.

China, eager to quell the unrest before the 70th anniversary of the founding of People's Rep. Killed China on October 1, accused foreign powers, in particular the United States and Britain, of fueling the unrest.

Oil prices also fell early in trading on Monday.

Crude Brent futures fell 0.68 percent to $ 58.85 a barrel while US-West Texas (WTI) Intermediate lost 0.54 percent to $ 54.80 a barrel.

The currency market has been quieter so far, with the dollar slightly declining against the yen at 106.12 yen, up 0.13% from late-US levels. [19659003] The euro remained nearly equivalent to $ 1.09905, not far from the two-year low of $ 1.0963 hit by US trade on Friday.


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