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Manage episode 202811820 series 1086780
By Morgans Financial Limited and Morgans Financial. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
US markets were rattled by President Trump firing a new salvo in the US trade dispute with China in which he threatened to impose US$100B in additional tarriffs on Chinese goods - Dow slumped -572-points or -2.34% and the broader S&P500 tumbled -58-points or -2.19%, retreating back below its 200-day moving average (2,593.7 at its session lows that saw the index down as much as -2.8%. Industrials (down 2.73%), information technology (-2.53%) and financials (-2.44%) led all eleven primary sectors lower. The technology-centric NASDAQ -2.28%. China’s commerce ministry responded to the latest tariff threat by saying it will respond with countermeasures if needed - “The Chinese side will follow suit to the end, not hesitate to pay any price, resolutely counterattack and take new comprehensive measures in response,” the ministry said via its website, citing an unnamed spokesman. The statement added that China “doesn’t want” a trade war, but is not afraid to fight one.” The sell-off on equity markets accelerated in the afternoon session during a speech by Federal Reserve Chair Jerome Powell in Chicago in which he touched on the state of the economy and continuing the central bank’s gradual tightening policy. Powell said it was too soon to know a trade battle would affect the economy. For the week, the Dow lost 0.71%, S&P500 -1.38% and the Nasdaq -2.10%.