US stock futures are lower.... ...and equities in Asia have given up the gains seen early in the session amid fears of escalating trade wars, while European markets remain offline.
As a reminder, overnight China announced that that starting Monday it would impose tariffs on U.S. products including frozen pork, wine and certain fruits and nuts in response to U.S. duties on imports of aluminum and steel.
"We expect strong and broad-based growth to continue globally," wrote strategists at Barclays who warned that there were looming risks: "Trade protectionism, U.S. economic policy uncertainty, concerns about higher cross-market volatility and risk premium in core rates markets call for a more tactical approach to risk assets."
With FX markets on a standstill, the key focus of note today will be China's new tariffs on 128 US products which officially start today, as well as softer manufacturing PMI data from many countries in Asia.
China urged trade talks with the U.S. to prevent greater damage to relations while saying that previously announced retaliatory measures on American imports took effect Monday.
Conversely, the Caixin Manufacturing PMI release was less inspiring and fell short of estimates while China also confirmed tariffs on US products in retaliation to US protectionist measures on steel and aluminium, which in turn capped advances in the mainland.
"But increasing trade friction between China and U.S. is likely to rock global markets and tarnish bullish sentiment in crude oil markets."
https://www.zerohedge.com/news/2018-04-02/futures-slide-most-markets-holiday-china-strikes-back-trade-wars
As a reminder, overnight China announced that that starting Monday it would impose tariffs on U.S. products including frozen pork, wine and certain fruits and nuts in response to U.S. duties on imports of aluminum and steel.
"We expect strong and broad-based growth to continue globally," wrote strategists at Barclays who warned that there were looming risks: "Trade protectionism, U.S. economic policy uncertainty, concerns about higher cross-market volatility and risk premium in core rates markets call for a more tactical approach to risk assets."
With FX markets on a standstill, the key focus of note today will be China's new tariffs on 128 US products which officially start today, as well as softer manufacturing PMI data from many countries in Asia.
China urged trade talks with the U.S. to prevent greater damage to relations while saying that previously announced retaliatory measures on American imports took effect Monday.
Conversely, the Caixin Manufacturing PMI release was less inspiring and fell short of estimates while China also confirmed tariffs on US products in retaliation to US protectionist measures on steel and aluminium, which in turn capped advances in the mainland.
"But increasing trade friction between China and U.S. is likely to rock global markets and tarnish bullish sentiment in crude oil markets."
https://www.zerohedge.com/news/2018-04-02/futures-slide-most-markets-holiday-china-strikes-back-trade-wars
No comments:
Post a Comment