World News

Dow Jones rises 669 points as trade war fears subside

Dow Jones rises 669 points as trade war fears subside

United States stocks enjoyed their largest one-day gains in more than two and a half years on Monday, with the S&P 500 index up 2.7%, as concerns of a trade war between U.S. and China eased.

In New York, the Dow Jones industrial average closed down 344.89 points to 23,857.71.

Global markets were rattled last week after President Donald Trump moved to impose tariffs on Chinese imports of up to US$60 billion (RM232.6 billion), adding to the import restrictions already placed on solar panels, steel and aluminium.

White House officials are asking China to cut tariffs on imported cars, allow foreign majority ownership of financial services firms and buy more US -made semiconductors, said a person familiar with the discussions. "Policy markers understand that the best and fastest way to harm their constituents is to start a trade war and deny voters low-priced goods produced from around the world while tanking global financial markets".

everThe country's blue-chip indices saw an improved mood following last week's falls, which saw the S&P 500 suffer its worst weekly performance in more than two years. U.S. stock index futures rose today, adding to Wall Street's sharp rebound yesterday, as fears of a trade war between the United States and China eased.

Mr Li's comments followed those made earlier by US Treasury secretary Steven Mnuchin, who told US media on Sunday he was "cautiously hopeful" that the US and China could come to an agreement on trade issues.

All three major U.S. indexes ended up more than 2 per cent yesterday following reports that the United States and China were willing to renegotiate tariffs and trade imbalances.

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"It looks like we might get a really good deal on NAFTA", Navarro said.

Daalder said he was underweight emerging market equities and the Nikkei and overweight other developed markets "based on the expectation that there will be more trade uncertainty".

"He can flip-flop quite a lot", said Lukas Daalder, chief investment officer at Robeco in Rotterdam.

The S&P/TSX composite index closed down 82.38 points to 15,216.18, led by declines in key financial and materials sectors. "Investors are still viewing this as a glass half-full market and a constructive economy, so it's not surprising to see them buy on value here, buy on dips to try to rebuild their positions".

Technology shares were strong, with Apple advancing 4.8%, Intel 6.3%, Netflix and Adobe Systems both 6.5%.

All were under pressure last week on fears of a trade clash with China.

Tesla (TSLA.O) shares were off 8.2 percent after the U.S. National Transportation Safety Board opened a field investigation of last week's fatal Tesla crash and vehicle fire.


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