“Until both sides dial down their hawkish rhetoric, markets will continue to pull back earlier optimism,” said DBS Group analysts in a report. “Trade war will be the key driver of sentiment in the immediate few weeks.”The Shanghai Composite Index retreated 0.3% to 2,876.44 and Seoul’s Kospi declined 1.1% to 2,060.81. Sydney’s S&P-ASX 200 fell 1.5% to 6,611.80 and benchmarks in Taiwan, New Zealand and Southeast Asia also retreated.
On Wall Street, the benchmark S&P 500 index fell 0.7% to 3,093.20. The Dow Jones Industrial Average lost 1% to 27,502.81. The Nasdaq dropped 0.6% to 8,520.64.Investors also are also weighing the potential for additional trade disputes. On Tuesday, Trump proposed tariffs on $2.4 billion in French products in retaliation for a tax on global tech giants including Google, Amazon and Facebook. That follows a threat Monday to raise tariffs on steel and aluminum from Argentina and Brazil.Also Wednesday, Australia disappointed investors by reporting third-quarter economic growth declined to 0.4% over the previous quarter from 0.6% in the three months ending in June.
ENERGY: Benchmark U.S. crude rose 40 cents to $56.50 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 14 cents on Tuesday to close at $56.10. Brent crude, used to price international oils, rose 48 cents to $61.30 per barrel in London. It lost 10 cents the previous session to $60.82.
CURRENCY: The dollar declined to 108.59 yen from Tuesday’s 108.63 yen. The euro edged down to $1.1080 from $1.1084.
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