Friday, December 8, 2023
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HomeETF NewsOpening Bell: Stock Rout Resumes On Trade Tensions; Yields, USD Rebounds

Opening Bell: Stock Rout Resumes On Trade Tensions; Yields, USD Rebounds

  • Chinese-US trade tensions further spook markets
  • Oil prices under pressure even after cuts agreement
  • Yield and dollar rebound

European equities and US futures took their cues from Asia’s declines as simmering Sino-U.S. trade tensions and China’s economic slowdown were in focus.

The Stoxx Europe 600 Index reversed Friday’s gain and fell to its lowest level since early December 2016, wiping out the rally that followed the US presidential election. Miners and energy underperformed amid falling oil prices and fears of increases in tariffs.

In the Asian sessions, equities slumped on weaker than expected Chinese import and export data, which followed a soft U.S. employment report. Japan’s GDP shrank at an annualized rate of 2.5% in the third quarter, adding to investor concerns.

China Shanghai Composite was among the region’s best performers, falling only 0.82 percent, as bargain hunters apparently moved in.

Australian shares were the region’s underperformer, declining 2.12 percent, weighed down by healthcare and financials. China is Australia’s largest trading partner. The S&P/ASX 200 index fell to the lowest since December 2016.

On Friday, US stocks indexes plunged, finishing off one of their worst weeks since March. The S&P 500 index fell 4.6 percent for the week.

Read more at : https://www.investing.com/analysis/opening-bell-stock-rout-resumes-on-trade-escalation-yields-dollar-rebound-200366500

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