LONDON: Global stocks dipped on Monday after the United States and China imposed new tariffs on each other's goods, reinforcing investors' worries over slowing global growth, with no clear end in sight for the trade war.
"Since trade tensions have become the major driving force for stocks, even greater than monetary policy, we advise against adding significantly to equity exposure – particularly for those who have an adequate strategic allocation." Italian bond yields fell towards recent multi-year lows after Italy's prime minister said at the weekend he was confident that he could finalise talks on a new government by Wednesday.
Caixin/Markit Manufacturing Purchasing Managers' Index , a private sector survey, on Monday showed factory activity unexpectedly expanded in August, though gains were modest and contrasted with official data that pointed to further contraction. Many market players say the market's reaction was likely exaggerated by algorithm-driven players' flows in thin trading conditions at start of Asian trade on Monday." goes to show you how many data mining algos are involved with equity-linked compared to forex-linked. Was anyone surprised by these tariffs that took effect yesterday?" said Takeo Kamai, head of execution at CLSA in Tokyo.
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