NEW YORK - A measure of stocks across the globe posted on Friday its largest weekly loss of the year while yields in U.S. and German debt were near or at multi-year lows, after China vowed to retaliate against a possible new round of U.S. tariffs.
China did not specify how it would retaliate, but its ambassador to the United Nations Zhang Jun said Beijing would take “necessary countermeasures” to protect its rights and bluntly described Trump’s move as “an irrational, irresponsible act.” “The tariff threat was a splash of cold water. The market had become accustomed to the current state of U.S-China trade negotiations, but a hike in tariffs wakes you up to the fact that the trade war is still with us,” said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.
Emerging market stocks lost 2.03% and posted their ninth-straight session of declines, while futures in Japan’s Nikkei lost 0.71%. A further 25-basis-point cut by the Fed is priced in for the central bank’s September meeting while the chance of another cut in October is roughly 3-in-5 according to Fed futures markets.
“In the grand scheme of things, it will become clearer and clearer that the Federal Reserve has started an easing cycle and will have no choice but to cut rates further,” said Akira Takei, fund manager at Asset Management One.
And so it begins
Just wait two weeks then buy. Trump will fold and they rise again. It’s more like a dump and pump and his people are raking in.
Sandbox boys in action..., with plastic toys and checkered shorts in the past, now juggling the numbers to their own advantage, imposing their rules of economy to many people in far away lands....
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