Stocks dip again on worries about tech, tariffs

Donald Trump Xi Jinping

The Trump administration has imposed tariffs on $250 billion worth of Chinese imports since July, while Beijing has retaliated with new levies on $110 billion of USA goods.

Trump has already imposed tariffs on Dollars 250 billion worth of Chinese goods, and China has responded with retaliatory duties on USD 110 billion worth of U.S. goods. The sources stressed however that the new tariffs have not yet been finalised.

There were major swings on Wall Street yesterday, with the Dow moving in a range of 900 points, in response to a report that US President Donald Trump is planning to impose a tariff on all Chinese goods if he does not receive a satisfactory trade offer from President Xi Jinping.

"I think it's a reflection of the lack of conviction that we have in the market right now", Fehr said in an interview. The Shanghai Composite index rebounded 1.2 percent to 2,573.33 and South Korea's Kospi picked up 1.3 percent to 2,021.82.

News of the possible tariffs sent Boeing stock tumbling 6.6 percent, contributing to the Dow's overall losses. Italy's new government plans to ramp up spending and European Union leaders have demanded it change its plans.The CAC 40 in France added 0.4 percent and the British FTSE 100 rose 1.3 percent.Mexico's stock index shed 4.2 percent after President-elect Andres Manuel Lopez Obrador said he will respect the result of a referendum that rejected a partly-built new airport for Mexico City.

The S&P 500 Index fell 0.7 percent at 4 p.m. China's overnight repo rate surged the most in more than four years as authorities take steps to combat bets against the yuan, which held near the weakest level in a decade against the greenback. China hiked tariffs on $110 billion in imports from the U.S. Its stock traded above $2,000 a share in early September and has fallen 24.5 percent since then, its worst decline in two and a half years.

The ambassador made no specific remarks about the current trade stand-off between the USA and China. The dollar added to a 16-month high and Treasuries slipped as USA stocks climbed.

The pan-European STOXX 600 index rose 0.01 percent.

Germany's DAX rose 1.2 percent as Volkswagen, Daimler and BMW made big gains.

The December crude contract was down 55 cents at US$67.04 per barrel and the December natural gas contract was down 2.7 cents at US$3.20 per mmBTU. The dollar strengthened on better-than-expected private payrolls data, lifting the 10-year Treasury yield to 3.14 percent.

USA crude fell 1.06 percent to $66.33 per barrel and Brent was last at $76.30, down 1.34 percent. Silver fell 1.8 percent to $14.44 an ounce.

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