Asian equities slump as violence erupts in Hong Kong

11 Novembre, 2019, 23:37 | Auteur: Auguste Feret
  • Asian equities slump as violence erupts in Hong Kong

Shares around the world fell Monday as hopes for a breakthrough in the trade war between the United States and China diminished after President Donald Trump said Washington had not agreed to gradually roll back tariffs as negotiations progress.

The trade talks with China are moving along "very nicely", President Trump told reporters on Saturday.

Stocks sank as soon as trading began Monday, and the S&P 500 dropped as much as 0.6% from its record level.

At 8:53 a.m. ET, Dow e-minis were down 107 points, or 0.39 per cent. S&P 500 e-minis were down 12 points, or 0.39 per cent and Nasdaq 100 e-minis were down 31.75 points, or 0.38 per cent. But stocks lately have been trading on every scintilla of news related to U.S.

He added that the Chinese administration wanted to make a deal more than he did, as the tariffs were generating "billions of dollars" for the US Treasury.

"The market is myopically focused on the next minute", said Michael Liss, senior portfolio manager at American Century Investments.

"We have to make the right deal for the farmers, manufacturers, for everybody".

Trump made clear Friday that the U.S. has not yet reached an agreement and emphasised that he wouldn't eliminate all tariffs, muddying hopes raised by China and even some of his own aides that the USA was ready to lift some tariffs to secure a trade deal.

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There is no such thing as a buying and selling in U.S. Treasurys because of the Veterans Working day vacation.

"Obviously we are a little concerned about the trade war", said Phil Flynn, senior market analyst at Price Futures Group in Chicago.

WEEK AHEAD: Low interest rates have been a big driver for the stock market's rally, and Fed Chairman Jerome Powell will give testimony on Capitol Hill about the economy on Wednesday. The Commerce Department will report retail sales data for October on Friday.

The third-quarter earnings season, which is drawing to a close has been better-than-expected for the most part, with almost three quarters of the 446 S&P 500 companies that have reported results so far topping profit estimates, according to Refinitiv data. Media reports have fueled speculation since last week about a potential Walgreens sale.

Shares in Hong Kong fell sharply on Monday as protests against the government and police continue to intensify.

Losses stretched across Asian stock markets, as China's largest companies on the Shanghai Composite Index saw their shares decline more than 1 percent.

European markets were mixed.

In Europe, Germany's DAX fell 0.4 per cent to 13,176 while the CAC 40 in France was down 0.1 per cent at 5,884.

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