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Trade war tensions continue to hit stocks
Markets worldwide felt the pressure on Tuesday as tensions between the US and China escalated and U.S. President Donald Trump threatened additional tariffs. Asian markets struggled to recover, rebounding somewhat despite the threats. The Dow continued its 6-day losing streak, closing 1.15% lower. The S&P was 0.40% lower and Nasdaq dropped 0.28%.
2767.71 7.56 (0.27%)
24809.55 95.5 (0.39%)
Today’s highlights: Stock markets still slumping, Cryptos fall following $30M theft
Trade war concerns intensify: Fear of a trade war between the world’s two largest economies continued to affect markets after U.S. President Donald Trump said on Monday that the US may hit $200 billion in Chinese imports with another 10% tariff.
EU markets rattled: European markets continue to slip. The FTSE fell 0.36%, the DAX dropped 1.22% and the CAC closed down 1.1%. A notable exception, however, is Capita, jumping 6.6% after being awarded a new contract with the British Ministry of Defence.
Asian markets attempt recovery: Late Tuesday, China’s central bank urged investors to stay calm amid high tensions and slipping stocks. The current climate may indeed provide opportunity for investors looking for a bargain. At the time of writing, both the Hang Seng and China50 indices were more than 1.5% higher. The Nikkei was up more than 1%.
Possible EUR volatility: The Euro could be at risk against both the Dollar and Pound Sterling as the ECB Forum in Sintra, Portugal wraps up today.
Oil price watch: US crude oil inventories taking place at 14:30 (GMT) today are expected to influence oil prices, which already seem to be recovering recent losses.
Amazon and Netflix hit all-time highs: Although most tech stocks’ performance was dragging yesterday, these two market giants came out on top.
GE ousted from the Dow: General Electric, the Dow’s worst-performing stock last year, dipped another 2% in after-hours trading on Tuesday, resulting in the company being expelled from the index after over a century of listing. S&P announced that Walgreens (WBA) will be replacing GE on June 26.
Oracle drops sharply: Although Oracle’s earnings report showed better-than-expected revenues and growth, ORLC shares dropped more than 4% on guidance.
Bithumb hacked, cryptocurrencies fall: Bithumb, one of the largest exchanges in Asia, had $30M worth of coins stolen, with Ripple reportedly among them. The news caused a drop of almost 2% for Bitcoin, and drove most of the crypto market into the red.
165.45 2.6 (1.6%)
29780 344 (1.17%)
404.63 14.23 (3.64%)
GEGeneral Electric Co
12.98 -0.22 (-1.67%)
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MUMicron Technology, Inc.
AOBCAmerican Outdoor Brands Corp
Stocks earnings releases on 21/06/2018
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