A financial trader at his desk at CMC Markets in the City of London, Britain, on April 11 2019. Picture: REUTERS/PETER NICHOLLS
Pan-European STOXX 600 fell 0.2% , reflecting losses in Paris and Milan. Stocks in London were little changed. Germany’s export-sensitive DAX fell 0.5% after a profit warning by Daimler caused its shares to drop nearly 5%. On Monday, Chinese vice-commerce minister Wang Shouwen said China and the US should be willing to compromise in trade talks and not insist only on what each side wants.
“Any high hopes ahead of the G20 meeting may be disappointed,” said Benjamin Schroeder, senior rates strategist at ING in Amsterdam. “In the end, uncertainty will persist and central banks could still be pushed closer to invoking their contingency plans.” The dollar has led a broad selloff in major currencies as global central banks signalled a dovish outlook on monetary policy amid growing signs of a weak global economy.
“While for a long time the expected weakening of growth, fears of a recession and low inflation were used as reasons for rate cuts, another reason has now been added to the list: the Fed caving in to the White House.”In developing markets, the Turkish lira strengthened as much as 2% after Turkey’s main opposition party won Istanbul’s re-run election for mayor, a blow to President Tayyip Erdogan.
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