Dollar firm but stocks, oil under pressure as US-China tensions rise | Malay Mail

Monday, 04 May 2020 08:31 AM MYT

In thin trade, with China and Japan on holiday, US stock futures fell 1.6 per cent, US crude tumbled over US$1 a barrel, or 6 per cent, and futures for Australia’s benchmark ASX 200 index pointed to a negative open. US Secretary of State Mike Pompeo added to the jitters with remarks yesterday, when he said there was “a significant amount of evidence” that the new coronavirus emerged from a Chinese laboratory.

“The risk of a pullback has increased this week,” said Chris Weston, head of research at Melbourne brokerage Pepperstone. The Korean won sat by a one-week low at 1,224.76 per dollar, after an exchange of gunfire between North Korea and South Korea at the Demilitarised Zone raised tensions, a day after North Korean state media reported Kim Jong-un’s first public appearance since April 11.

West Texas Intermediate crude futures last sat at US$18.59 per barrel, down US$1.19, while Brent futures were down 2.4 per cent, or 64 cents, at US$25.80.

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