Saturday, 15 December, 2018

'Tariff Man' Trump’s China Tweets, Recession Fears, Push Dow Down 800 Points

Asia shares sink after Wall Street sell-off US markets sink on worries over slowing growth, trade truce outcome
Orlando Vargas | 07 December, 2018, 14:12

Wall Street fell more by than three per cent overnight, led by ongoing investor scepticism over the trade truce between US President Trump and China's President Xi Jinping.

US stocks opened lower on Tuesday, as investors turned skeptical of the chances of a breakthrough in the US-China trade talks, while a flattening US yield curve raised fears of a slowing domestic economy.

At 1:16 pm ET the Dow Jones Industrial Average was down 565.16 points, or 2.19%, at 25,261.27, the S&P 500 was down 62.55 points, or 2.24%, at 2,727.82 and the Nasdaq Composite was down 196.65 points, or 2.64%, at 7,244.86. The S&P 500 lost 2.8 percent of its value, and the Nasdaq fell by 3.3. percent. This article is strictly for informational purposes only.

Large banks were among the big losers, with JPMorgan Chase shedding 4.4 per cent, Bank of America losing 5.4 per cent and Citigroup 4.4 per cent. The 10-year yield is still higher, but not by much.

For Capital Economics, "we doubt that the ceasefire agreed between Presidents Trump and Xi in Buenos Aires will mark a real turning point in the trade war". The falls came on the back of doubts of a trade deal being reached between the USA and China. On Monday, the three-year Treasury yield also exceeded the five-year. USA futures also augured a downbeat start for Wall Street after markets were closed Wednesday to mourn the death of former President George H.W. Bush.

Trump, in a series of Twitter posts, threatened to slap a range of import penalties on Chinese products if they did not make major changes in their economic relationship with the United States.

The trade dispute has rattled markets in recent months as signs emerged that it has begun affecting corporate profits.

New Far Cry game teaser released, shows post-apocalyptic setting
The game appears to be a direct continuation of Far Cry 5 , following the destruction of life on Earth at the end of the game. Now a leak of the game's Xbox One cover art has popped up on Twitter , revealing the new game's title as Far Cry: New Dawn.


Manchester United have time to get back into top four - Jesse Lingard
He played 85 minutes on Tuesday and our plan is that he can maybe be with us in the 18 on Saturday. It was an enjoyable summer and a good season for me on a personal level last season.


USPS limiting service Wednesday to mourn George HW Bush
The images come just days after Sully's Instagram account shared a photo of the visibly sad pup in front of Bush's casket . Bush and his wife greeted the Trumps outside before everyone went in for the private, 20-minute visit.


The jitters helped drive demand for government bonds today, pushing prices higher. The slide in bond yields, which affect interest rates on mortgages and other consumer loans, weighed on bank stocks.

Chipmakers were among the biggest decliners in a technology sector slide. Advanced Micro Devices dropped 10.9 percent to $21.12, while Micron Technology lost 7.9 percent to $36.88.

Homebuilders fell after luxury homebuilder Toll Brothers issued a cautious assessment of the housing market.

The price of oil is really in bear territory. Benchmark U.S. crude gained 0.6 percent to settle at $53.25 per barrel in NY. Brent crude, the worldwide standard, added 0.9 percent to $62.22 per barrel in London.

CURRENCY: The dollar gained to 112.95 yen from Wednesday's 112.78 yen. Toll's shares slid 1.6 percent to $32.99. The euro was flat at $1.1345.

The Dow lost 574 points, or 2.2 percent, to 25,253. The Shanghai Composite index dropped 1.7 percent to 2,605.18.

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