Wall Street erases some of its gains after Trump's tweets on tariffs

0
5


The New York Stock Exchange erased some of its gains Friday during the session, tweets by Donald Trump on the impact of tariffs against China tempering the optimism of brokers about a possible commercial de-escalation.

The leading index of the New York Stock Exchange, the Dow Jones Industrial Average, rose 0.39% to 26,464.83 points at 14:40 GMT.

The Nasdaq, with strong technological color, gained 0.11% to 7,982.39 points and the expanded S & P 500 index also appreciated by 0.32% to 2,934.04 points.

Wall Street was clearly in the green Thursday with the hope of a resumption of negotiations between the two leading economies: the Dow Jones had taken 1.25% and the Nasdaq had gained 1.48%.

On Friday, US President Donald Trump denied that tariffs imposed to force China to negotiate a trade deal were problematic for the economy, but accused the central bank of being responsible for slowing the world's biggest economy.

"We do not have a problem with tariffs (we are putting wrong players and unfair practices back on the right track), but the Fed is a problem, they have no idea what they are doing" , tweeted the American president.

The main indexes of the New York listing erased some of their gains following the presidential tweets, but were still growing, still driven by the hope of a lull on the trade front.

On Thursday, the spokesman for the Chinese Ministry of Commerce suggested that Beijing may not respond to the latest US customs surcharges on its products, arguing that the trade war is threatening global growth and that a resumption of negotiations is still possible.

"The hand extended by China is invigorating the market for the moment," commented Patrick O'Hare Briefing.

A new tariff increase on Chinese goods is due to take effect Sunday in the United States, while Beijing has planned to impose new tariffs on 75 billion US imports in two stages, September 1 and 15 December.

"Trade rhetoric has more weight than action and raises multibillion-dollar stock prices without there being a fundamental reason for it," said O'Hare of Briefing.

Investors were also responding to a series of contradictory economic indicators.

Economic activity in the Chicago area, which contracted in June and July, recovered unexpectedly in August with a sharp recovery in orders, according to the ISM Association's Purchasing Managers' Index .

In contrast, consumer confidence registered a record drop in August due to concerns over the trade war, according to the final estimate of the University of Michigan survey.

In the bond market, the 10-year US debt rate rose to 1.51%, but remained below the two-year yield on US Treasuries (1.52%).

This phenomenon, which economists call "inversion of the yield curve", is often considered as a leading indicator of recession.

In the field of values, the title of Tesla took 3.3%. The Chinese government has announced that several models of the manufacturer of high-end electric vehicles will be exempted from the new tariffs.

The Ulta Beauty cosmetics chain collapsed nearly 28% after downgrading its annual revenue forecast.

-dho / VOG / nas



Source link
https://www.boursorama.com/bourse/actualites/wall-street-efface-une-partie-de-ses-gains-apres-des-tweets-de-trump-sur-les-tarifs-douaniers-0950f1cb3244a6641f56c092c3cb4ea4

LEAVE A REPLY

Please enter your comment!
Please enter your name here

eighteen − seven =