Economy

US-China trade tension pushes Dow into red | Financial

It also announced that millions more claims were added to the U.S. and investors processed new economic activity data

The Dow Jones index was down 0.4 percent at 24,482 around 7:35 PM (Dutch time). The broad S&P 500 went down 0.7 percent to 2,951 points, and technology exchange Nasdaq lost 0.8 percent to 9,302 points.

Trump wrote on Twitter about an alleged “attack of disinformation and propaganda on Europe and the United States” from China. He added “that everything is driven from the top,” suggesting that Xi has a direct hand in the campaigns. The comments put further pressure on Chinese-American relations.

Chew

That bond is also hit by a law that a large majority of Senate Democrats and Republicans have passed, targeting Chinese companies listed in the US. They can lose that listing if they are unable to demonstrate that they are not under the influence of a foreign government.

Chinese tech companies Alibaba (minus 2.8 percent) and Baidu (plus 1.9 percent) could be affected by the law. The companies also paid attention to department store chain Macy’s, which saw sales fall in the first quarter due to store closings. The share was nevertheless moved 4.2 percent higher. Another retail chain, Best Buy, reported declining sales and profits, losing nearly 4 percent.

Meanwhile, it was revealed that an additional 2.4 million Americans have claimed unemployment benefits. In addition, more than 1 million applications for aid from freelancers working in the ‘platform economy’ are added. The contraction in the US services sector and industry was again strong in May, but according to market researcher Markit less stretch than a month earlier.

The euro was worth $ 1.0960, compared to $ 1.0954 at the close of the European stock exchanges. A barrel of American oil gained 0.9 percent in value at $ 33.80. Brent oil became 0.7 percent more expensive at $ 36.00.

Tags

Related Articles

Back to top button
Close
Close