Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 33 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
World stocks on edge over trade worries
September 04, 2018
 Print    Send to Friend

LONDON: Global stock markets diverged Monday, with a weak pound lifting London’s benchmark FTSE 100 index and offsetting trade war concerns dragging down equities elsewhere.

In the eurozone, Frankfurt stocks dipped 0.2 per cent and Paris flatlined, as US President Donald Trump eyed fresh tariffs on a swathe of Chinese goods − while Nafta talks with Canada appeared to hit a wall.

“European equity markets are mixed... as traders remain cautious about global trading relationships,” said CMC Markets UK analyst David Madden.

“President Trump appears to be taking a tough line with Canada and the EU, and there is speculation he will ramp up tariffs on Chinese imports.” In a tweet over the weekend, Trump threatened to exclude Canada from a new North American Free Trade Agreement after negotiations to rewrite the 1994 pact ended without agreement.

Trump had already roiled markets last week by saying he wanted to impose tariffs on $200 billion of Chinese imports as soon as public consultation ends on Thursday, adding to the $50 billion already targeted.

That rekindled fears of an all-out trade war between the world’s top two economies.

Asian stock markets opened the week on a negative note, with Tokyo closing down 0.7 per cent, Hong Kong losing 0.6 per cent and Shanghai shaving 0.2 per cent.

- Brexit division hits pound - London equities meanwhile jumped 0.9 per cent on Monday on the back of the sliding pound, which traditionally boosts the share prices of multinationals.

Sterling sank on growing political acrimony over British Prime Minister Theresa May’s Brexit blueprint, and after weak UK manufacturing survey data.

Pro-Brexit figurehead Boris Johnson labelled May’s plan a surrender that hands “victory” to the European Union, ahead of the nation’s exit from the bloc in March 2019.

The EU’s Brexit negotiator Michel Barnier remains “strongly” opposed to her blueprint, saying it could lead to the downfall of European integration.

“The Brexit optimism of last week has been predictably fleeting, with Barnier ripping Theresa May’s Chequers plans into shreds,” noted IG analyst Joshua Mahony.

Agencies

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Stocks boosted by hopes of talks, tech, and Turkey
LONDON: World stocks hit their highest levels in over a week on Friday as expectations grew that the United States and China would open new trade talks, while an interest..
World stocks hit by trade strain
LONDON: World stocks slipped back towards three-week lows on Tuesday, on ongoing concerns over the trade dispute between Washington and Beijing, while the pound hovered ..
Markets stumble on China tariff fears
LONDON: World equities stumbled on Friday as investors feared that the United States will ramp up its trade war with China by imposing fresh tariffs, dealers said. US ..
Stocks jarred by emerging markets’ rout
LONDON: World equities were in a jittery mood on Thursday as an emerging markets rout posed a major headache for investors, who are already on red alert over Washington’s..
ADX-listed firms’ market cap at Dhs526b
ABU DHABI: Abu Dhabi Securities Exchange’s listed companies market cap reached Dhs526 billion, by the end of August; with a remarkable increase in ADX general index by 1..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright