Stocks fall further after Trump's China tariff threat

LONDON: World stocks pulled back further on Friday on grim U.S. economic data, mixed company results and President Donald Trump's threat to impose new tariffs on China over the coronavirus crisis.

British Airways operator IAG shed another 2.6per cent as details of its plans to cut staffing, including a quarter of its pilots, to weather the collapse in air travel caused by the coronavirus.In Asia, with many markets closed, the benchmark Nikkei index fell 2.8per cent, with declines led by chipmaking firms. Australian shares fell 5per cent, their most in five weeks.

The U.S. Federal Reserve widened a key program to help the economy, agreeing to lend to even larger firms, bringing the dollar under some selling pressure. The currency, which has so far been remarkably resilient, fell to two-week lows and is set for a 2per cent weekly loss. It has steadied somewhat this morning, however.

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