China hits back after US labels rival a currency manipulator<\/a><\/p>\nEuropean stocks climbed, however, as deals in the German chemicals sector provided a welcome boost to equities after a torrid start to the week.<\/p>\n
Global stock markets tumbled at the start of the week after US President Donald Trump put 10 per cent tariffs to $300bn of Chinese goods in a major escalation of the two sides trade dispute.<\/p>\n
In response, Chinas currency the renminbi slid to the seven-per-dollar level not seen since the financial crisis. Investors saw the drop as a sign that China had resigned itself to not reaching a trade agreement.<\/p>\n
The Dow Jones had fallen 1.2 per cent by 4.40pm UK time, while the S&P 500 had dropped 0.8 per cent and the Nasdaq index was 0.6 per cent lower.<\/p>\n
Investors snapped up assets considered safe havens, driving the price of gold past the $1,500 mark for the first time in six years.<\/p>\n
The yield on US 10-year government bonds, or Treasuries, had fallen six basis points (0.06 percentage points) to 1.64 per cent. Yields move inversely to prices.<\/p>\n
The flight to safety was boosted by central banks in Thailand, India and New Zealand all cutting interest rates.<\/p>\n
In Europe, the German Dax index had risen 0.7 per cent despite worse-than-expected industrial data.<\/p>\n
The rise came as investors focused on a $3.9bn deal that will see German chemical groups Bayer and Lanxess sell a chemical park operator to infrastructure investor Mira. Bayer shares had climbed over six per cent while Lanxess had gained over four per cent.<\/p>\n
Frances CAC 40 had climbed 0.6 per cent by 4.40pm, while Britains FTSE 100 lagged behind slightly with a 0.3 per cent gain.<\/p>\n
The White Houses assurances yesterday that it wants to engage China in further talks appear to have appeased European investors, but US markets remained sceptical.<\/p>\n
Masanari Takada, a strategist at Nomura, warned that stock markets could soon face a \u201cLehman-like shock\u201d as trade tensions and slowing global growth caught up with equities.<\/p>\n
\u201cThe second wave may well hit harder than the first,\u201d he said. \u201cWe read the current trend in sentiment as suggestive of both deterioration in supply-demand for equitiesRead More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"US stock markets fell today and investors bought up so-calle..<\/p>\n","protected":false},"author":1,"featured_media":129038,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-129037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n
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