NZ dollar lifted as Donald Trump predicts great deal with China

01 November, 2018, 23:40 | Author: Frank Williams
  • Global stocks pare gains as investors remain cautiousMore

Fears of an all out U.S.

The list would apply to the imports from China that aren't already covered by previous rounds of tariffs-which may be $257 billion using last year's import figures, according to two of the people.

USDCNH has weakened ever since trade wars started earlier this year, with the weaker CNH negating some of the effects of US-imposed tariffs. Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year.

Over the past year, said Cui, "we have heard enough of trade war threats, assertions about strategic rivalry, sabre rattling in the South China Sea, and even unfounded accusations against Chinese students and scholars".

Tariff "wave" the stock market gains away. The tech-heavy Nasdaq composite slid 116.92 points, or 1.6%, to 7,050.29. The rally helped turn both the S&P 500 and the Dow Jones Industrial Average once again positive for the year, though each is up less than 1 percent since the beginning of January. The S&P 500 Index fell as much as 2.1 percent before paring the drop and ending the day down 0.7 percent.

US stocks fell, with the S&P 500 flirting with a correction as technology shares tumbled after a report the Trump administration was set to press its trade war with China.

Indeed, mixed messages have become a recurring feature of the administration's approach to China during the trade war, including from the president, who has on a number of occasions made discouraging remarks about the prospect of resolution through dialogue, including talks proposed at the invitation of the US Treasury.

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NAB's Mark Todd said he doesn't see China or U.S. backing down. The S&P 500 is now flat. Any reminders of that just leads to more pessimism.

The pan-European STOXX 600 index lost 0.14 per cent.

Boeing, which saw its stock gain early Monday, became the leading laggard on the Dow, closing down 6.6 percent and suffering its worst day since February 2016. Brent crude, used to price global oils, lost 19 cents to $77.18 per barrel.

The yield on the 10-year Treasury note rose to 3.08 percent from 3.07 percent.The price of us crude oil dropped 0.8 percent to $67.04 per barrel in NY while Brent crude, used to price worldwide oils, lost 0.4 percent to $77.34 per barrel in London.Wholesale gasoline added 0.5 percent to $1.82 a gallon and heating oil slid 0.8 percent to $2.28 a gallon.

The price of US crude oil fell 0.8% to $67.04 a barrel in NY.

The dollar rose to 112.35 yen from 111.85 yen.

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