How major USA stock indexes fared Monday

by Ben Pena November 2, 2018, 1:31
How major USA stock indexes fared Monday

The reports - all based on a Bloomberg article - say that the United States will place tariffs on the remaining $257 billion of Chinese imports not already subject to tariffs if there are no new developments in the ongoing trade spat.

So far the US has so far placed $250 billion in taxes on imported Chinese goods, about half of all imports from China, and the taxes on most of those goods are set to rise on January 1.

Kyodo/NewscomIf a November meeting between U.S. President Donald Trump and Chinese President Xi Jinping does not produce an agreement, the U.S. could further escalate the two nations' trade war with additional tariffs before the end of the year. The focus turns to Apple Inc. earnings Thursday, then to the monthly U.S.jobs report Friday. 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. Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25% on 1 January. The Russell 2000 index of smaller-company stocks fell 6.51 points, or 0.4%, to 1,477.31.

With the initial market reaction, Wall Street came under a heavy selling pressure and Nasdaq was last seen down 1.26% on the day while the DJIA and the S&P 500 indexes were losing 0.25% 0.05%, respectively.

Meanwhile, Gao Feng, a spokesperson for China's Ministry of Commerce, said at a regular press briefing last Thursday that China had always been honest about trade talks with the US.

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Broad gains in the USA equity market boosted a measure of global stock markets on Tuesday after President Donald Trump said a "great deal" could be struck with China that would relieve fears of a growing trade war between the world's two largest economies.

The euro was flat at $1.1392. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed. After Cooper Tire & Rubber reported a bigger third-quarter profit than analysts expected, its stock surged 21.4 percent to $30.89.Germany's DAX rose 1.2 percent as Volkswagen, Daimler and BMW made big gains.

Brazil's Bovespa rose in morning trading after far-right politician Jair Bolsonaro was elected president, but it later turned lower and lost 2.2 percent. Stocks climbed earlier this month after Bolsonaro led the previous round of voting, as investors preferred him to leftist parties.Bond prices dipped.

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.

Benchmark 10-year notes last fell 4/32 in price to yield 3.1 percent, from 3.087 percent late on Monday. Brent crude, used to price global oils, lost $1.14 to $76.20 per barrel.

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