Trade tensions have increased for several weeks as the United States and China both raised tariffs on each other's goods, and the United States placed restrictions on US firms doing business with Chinese tech giant Huawei.
The latest sign of worsening trade tensions came when China's Ministry of Commerce spokesperson said US action against China was stopping negotiations between the two companies from continuing.
"If the US would like to keep on negotiating it should, with sincerity, adjust its wrong actions. Only then can talks continue," said the spokesman according to report on CNBC.
Tech stocks were hit particularly hard, as the technology sector could be particularly hard-hit if the trade war escalates. Nasdaq (COMP) futures were down more than 1%. S&P 500 (SPX) futures were down 0.7%.
Markets in China closed sharply lower with the Shanghai Composite and the Hang Seng both ending more than 1% lower.
Stocks were also sharply lower across Europe, where mounting worries about Brexit, the state of UK Prime Minister's Theresa May's government and European parliamentary elections also weighed on investor confidence.
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