Stock futures and oil tumbled as China responded to new US tariffs, marking the resumption of a trade war between the world’s two biggest economies. S&P 500 futures dropped 0.2% while contracts on the Nasdaq 100 fell 0.3%, erasing earlier gains that were built up on hopes of a deal to delay the levies. On Monday, President Donald Trump decided to defer imposing tariffs on Canada and Mexico. A gauge of Chinese stocks listed in Hong Kong, which jumped almost 4% earlier, trimmed their advance to 0.8% China announced an investigation into Google and put new levies on a range of US products in an apparent retaliatory move, moments after the US tariffs of 10% kicked in. Trump’s decision to delay imposing tariffs on Mexico and Canada had helped reverse Monday’s risk-off market sentiment and investors were pinning their hopes on a China-US phone call to resolve levies on Asia’s largest economy. Deferment of tariffs to the North American economies bolstered the view that Trump sees tariffs as a negotiating ploy — but is still reluctant to inflict economic pain on Americans. Trump had said that his administration had plans to speak with China, raising the possibility of a potential reprieve on a 10% levy. West Texas Intermediate oil fell as much as 1.9% while the offshore yuan slid as much as 0.3% along with its regional peers, as China and the US slapped tariffs on each others’ exports in sign of an escalation in trade tensions. Trump’s move to invoke an emergency and impose tariffs on the two nations and China is the most extensive act of protectionism taken by a US president in almost a century. Among the biggest uncertainties is how a resilient US economy would handle the impact of a trade war, in case it materializes. That concern was evident in the bond market Monday, where two-year Treasury yields climbed as longer ones moved in the opposite direction. US After Hours PLTR +22.2% soaring on Q4 results and upbeat guidance; SYNA -7.7%, CLX -3% dropping on earnings.
Nikkei +0.72% Hang Seng +2.29% CSI Closed Shanghai Closed Shenzen Closed
Eur$ 1.0293 CNH 7.3244 CNY 7.2446 JPY 155.26 GBP 1.2397 CHF 0.9127 RUB 99.7874 TRY 36.0105 WTI$ 71.87 -1.76% Gold 2,815 +0.02% BTC 99,000 -2.87% ETH 2,693 -4.50%
S&P -0.16% Nasdaq -0.11% EuroStoxx +0.05% FTSE -0.16% Dax +0.14% SMI +0.17%
Macro :
- Yuan Extends Loss With China Proxies as US Trade War Escalates
- Britain Turns to AI and Free Cash to Fix Economic Stats Crisis
- Oil Extends Decline After China Retaliates Against US Tariffs
- Chinese Tariffs on US LNG Set to Reroute Global Trade Flows
Keep an eye on :
Keep an eye on :
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