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New Straits Times
3 days ago
- Business
- New Straits Times
Stocks unsettled after Trump accuses China of trade deal breach
NEW YORK: Global stocks finished mixed on Friday after President Donald Trump put US-China trade tensions back on the boil by claiming Beijing had "totally violated" an agreement with Washington. His social media post came hours after US Treasury Secretary Scott Bessent said trade talks with China aimed at putting to bed sky-high mutual tariffs – currently suspended – were "a bit stalled." The development risks renewed trade tensions between the world's two biggest economies. On Wall Street, the Dow Jones Industrial Average closed higher, while the S&P 500 index was flat, and the tech-focused Nasdaq Composite fell 0.3 per cent. "If it weren't for the trade war, the market would be feeling pretty good," said Tom Cahill of Ventura Wealth Management. "Inflation is definitely moving in the right direction," he added, referencing the Federal Reserve's favoured inflation gauge, which cooled more than expected last month, according to fresh data published Friday. In Europe, London and Germany's major indices ended higher, while France's CAC40 closed lower, following declines in Asian markets earlier in the day. "If President Trump does slap tariffs back on Chinese imports to the US... we may see demand for US assets, and the dollar, severely impaired by a chaotic and undiplomatic approach to trade policy," said Kathleen Brooks, research director at XTB. Despite rumbling concerns about the US-China economic relationship, the markets were little changed by Trump's criticism on social media, with investors appearing to be largely inured to the US president's now-familiar cycle of making dramatic trade threats and then retreating. Investors, traders and analysts instead focused on the Commerce Department's personal consumption expenditures (PCE) price index data, which rose 2.1 per cent in the 12 months to April – cooling slightly more than expected. Despite the good news for the Fed, which is looking to bring inflation down to its long-term target of two per cent, analysts warned that the fuller inflationary effects of Trump's tariffs were yet to come, and could cause the Fed to maintain its watch-and-wait stance. "The true weight of these policies is likely to emerge more fully in the months ahead," said market analyst Fawad Razaqzada. Investors were also assessing the impact of a US court ruling that invalidated most of Trump's sweeping tariffs – though an appeals court suspended that order and the White House vowed that its tariffs goals would be pursued one way or another. The result leaves Trump's tariff plans in something of "a legal limbo" said Stephen Innes, of SPI Asset Management, adding that this sort of legal impasse was "the kind that keeps traders awake at night." In the eurozone, interest rates were in focus after official data showed inflation hovering around the European Central Bank's two-per cent target. Consumer prices in top EU economy Germany showed a 2.1 per cent rise in May – the same as the previous month – while they fell to 1.9 per cent in Spain, and to 1.7 per cent in Italy. The ECB looks set to lower interest rates again on Thursday. The dollar gained against major currencies, while oil prices were down ahead of a Saturday meeting of eight key OPEC+ members to decide production quotas for July, with some analysts predicting that the cartel could make a larger-than-expected supply hike. New York - Dow: UP 0.1 per cent at 42,270.07 points (close) New York - S&P 500: DOWN less than 0.1 per cent at 5,911.69 (close) New York - Nasdaq Composite: DOWN 0.3 per cent at 19,113.77 (close) London - FTSE 100: UP 0.6 per cent at 8,772.38 (close) Paris - CAC 40: DOWN 0.4 per cent at 7,751.89 (close) Frankfurt - DAX: UP 0.3 per cent at 23,997.48 (close) Tokyo - Nikkei 225: DOWN 1.2 per cent at 37,965.10 (close) Hong Kong - Hang Seng Index: DOWN 1.2 per cent at 23,289.77 (close) Shanghai - Composite: DOWN 0.5 per cent at 3,347.49 (close) Euro/dollar: DOWN at US$1.1349 from US$1.1368 on Thursday Pound/dollar: DOWN at US$1.3463 from US$1.3494 Dollar/yen: DOWN at 143.97 yen from 144.19 yen Euro/pound: UP at 84.30 pence from 84.22 pence
Business Times
3 days ago
- Business
- Business Times
US: Stocks mixed as China trade tensions fuel unease
[NEW YORK] Wall Street stocks saw a mixed end to the day on Friday (May 30), as trade tensions between the United States and China heated up with President Donald Trump accusing Beijing of violating a tariff de-escalation deal. The Dow Jones Industrial Average edged up 0.1 per cent to 42,270.07, but the broad-based S&P 500 Index was flat at 5,911.69. The tech-focused Nasdaq Composite Index slipped 0.3 per cent to 19,113.77. 'If it weren't for the trade war, the market would be feeling pretty good,' said Tom Cahill of Ventura Wealth Management. 'Inflation is definitely moving in the right direction,' he added, referencing an inflation gauge that cooled more than expected last month. The Federal Reserve's preferred inflation measure – the personal consumption expenditures price index – rose 2.1 per cent from a year ago, down from the figure in March. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up But investors remained nervous as Trump took aim at China early Friday, writing on his Truth Social platform that Beijing 'totally violated its agreement with us.' Washington and Beijing had agreed to mutually lower tariffs on each other's imports this month, bringing levels down from triple digits for 90 days. Trump's remarks, however, reignited fears that the president could return to a more confrontational approach towards the world's second biggest economy. Jose Torres, senior economist at Interactive Brokers, said in a note: 'Wall Street is worried that this Friday morning's remarks are just a warmup of what's to come.' AFP
Straits Times
3 days ago
- Business
- Straits Times
US stocks mixed as China trade tensions fuel unease
Traders working on the floor of the New York Stock Exchange, in New York City, on May 30. PHOTO: REUTERS NEW YORK - Wall Street stocks saw a mixed end to the day on May 30, as trade tensions between the United States and China heated up with President Donald Trump accusing Beijing of violating a tariff de-escalation deal. The Dow Jones Industrial Average edged up 0.1 per cent to 42,270.07, but the broad-based S&P 500 Index was flat at 5,911.69. The tech-focused Nasdaq Composite Index slipped 0.3 per cent to 19,113.77. 'If it weren't for the trade war, the market would be feeling pretty good,' said Mr Tom Cahill, of Ventura Wealth Management. 'Inflation is definitely moving in the right direction,' he added, referencing an inflation gauge that cooled more than expected in April. The Federal Reserve's preferred inflation measure – the personal consumption expenditures price index – rose 2.1 per cent from a year ago, down from the figure in March. But investors remained nervous as Mr Trump took aim at China early on May 30, writing on his Truth Social platform that Beijing 'totally violated its agreement with us.' Washington and Beijing had agreed to mutually lower tariffs on each other's imports this month, bringing levels down from triple digits for 90 days. Mr Trump's remarks, however, reignited fears that the president could return to a more confrontational approach towards the world's second biggest economy. Mr Jose Torres, senior economist at Interactive Brokers, said in a note: 'Wall Street is worried that this Friday morning's remarks are just a warmup of what's to come.' AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
RTHK
3 days ago
- Business
- RTHK
US stocks end mixed after Trump China comments
US stocks end mixed after Trump China comments Traders work on the floor of the New York Stock Exchange. Photo: AFP Wall Street stocks saw a mixed end to the day on Friday, as trade tensions between the United States and China heated up with President Donald Trump accusing Beijing of violating a tariff de-escalation deal. The Dow Jones Industrial Average edged up 0.1 percent to 42,270.07, but the broad-based S&P 500 Index was flat at 5,911.69. The tech-focused Nasdaq Composite Index slipped 0.3 percent to 19,113.77. "If it weren't for the trade war, the market would be feeling pretty good," said Tom Cahill of Ventura Wealth Management. "Inflation is definitely moving in the right direction," he added, referencing an inflation gauge that cooled more than expected last month. The Federal Reserve's preferred inflation measure -- the personal consumption expenditures price index -- rose 2.1 percent from a year ago, down from the figure in March. But investors remained nervous as Trump took aim at China early on Friday, writing on his Truth Social platform that Beijing "totally violated its agreement with us." Washington and Beijing had agreed to mutually lower tariffs on each other's imports this month, bringing levels down from triple digits for 90 days. Trump's remarks, however, reignited fears that the president could return to a more confrontational approach towards the world's second biggest economy. Jose Torres, senior economist at Interactive Brokers, said in a note: "Wall Street is worried that this Friday morning's remarks are just a warmup of what's to come." Liu Pengyu, a spokesperson for China's embassy in Washington, said China has maintained communications on trade matters with US counterparts since the Geneva talks, but raised concerns about US export controls. "Recently, China has repeatedly raised concerns with the US regarding its abuse of export control measures in the semiconductor sector and other related practices," Liu said in a statement. "China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva." (AFP, Reuters)
Sharjah 24
03-05-2025
- Business
- Sharjah 24
US stocks finish higher, extending rally
The world's largest economy added 177,000 jobs last month, down slightly from the level in March but above analyst expectations. Meanwhile, China said it is evaluating a US offer for negotiations on tariffs but insisted Washington must be ready to scrap levies. "There has been incremental news in the direction that trade talks are progressing behind the scenes," said Tom Cahill of Ventura Wealth Management. The broad-based S&P 500 finished at 5,686.67, up 1.4 percent for the day and 2.9 percent for the week. The Dow Jones Industrial Average gained 1.4 percent to 41,317.43, while the tech-rich Nasdaq Composite Index jumped 1.5 percent to 17,977.73. Cahill described Friday's job report as corroborating most of the data earlier in a week jammed with key economic indicators. "The news this week was on the bullish side when you add it all up," Cahill said. All 11 sectors in the S&P 500 finished in the green. Large and influential tech companies including Microsoft, Facebook parent Meta and Nvidia posted strong gains. Among individual companies that reported earnings, Apple reported better than expected quarterly earnings, but shares tumbled 3.7 percent as it warned of a $900 million hit in the current quarter due to tariffs. Amazon slipped 0.1 percent as it reported a nine percent rise in first-quarter revenue, but projected lower than anticipated revenues amid tariffs. Take-Two Interactive dove 6.7 percent in opening trading Friday as the company pushed back release of Grand Theft Auto VI, the latest instalment of the popular video game series.
