European Stock Markets
Stock declines deepened globally on Friday, with European equities
sliding to the lowest in more than a year and gauges tumbling across
Asia as the negative news cycle for risk assets continued.
China announced retaliation against President Donald Trump’s tariffs and there was further turnover in the U.S. administration, compounding a selloff that started in technology shares and escalated when the White House upped its protectionist agenda on Thursday.
Traditional havens including gold and the yen jumped as investors sought safer assets.
The Stoxx Europe 600 Index fell for a third day after equity indexes from Tokyo to Shanghai tumbled well over 3 percent. U.S. stock futures slipped further after the S&P 500 Index closed down 2.5 percent, the most in six weeks.
It’s been a miserable week for higher-risk markets globally, as a trade war edged closer, the tech sector was roiled by Facebook Inc.’s privacy scandal and data showed European growth sputtering. Traders had already been bracing for the possibility of slowing expansion as the Federal Reserve reiterated its commitment to further interest-rate increases after Wednesday’s hike.
Adding to the image of the ascendance of the “America first” faction, Trump said he is replacing White House National Security Adviser H.R. McMaster with John Bolton, a controversial foreign-affairs specialist whom the U.S. Senate declined to confirm as President George W. Bush’s ambassador to the United Nations.
Stocks
The Stoxx Europe 600 Index declined 1.4 percent as of 9:23 a.m. London time, to the lowest in more than 13 months.
Futures on the S&P 500 Index fell 0.5 percent to the lowest in six weeks.
The U.K.’s FTSE 100 Index decreased 0.6 percent to the lowest in more than 15 months.
Germany’s DAX Index declined 1.2 percent.
France’s CAC 40 Index dipped 1.2 percent.
Currencies
The euro increased 0.3 percent to $1.2337.
The British pound advanced less than 0.05 percent to $1.4101.
Bonds
The yield on 10-year Treasuries fell one basis point to 2.82 percent, the lowest in more than a week.
Germany’s 10-year yield decreased one basis point to 0.53 percent, the lowest in more than 10 weeks.
Britain’s 10-year yield declined two basis points to 1.4 percent, the lowest in eight weeks.
China announced retaliation against President Donald Trump’s tariffs and there was further turnover in the U.S. administration, compounding a selloff that started in technology shares and escalated when the White House upped its protectionist agenda on Thursday.
Traditional havens including gold and the yen jumped as investors sought safer assets.
The Stoxx Europe 600 Index fell for a third day after equity indexes from Tokyo to Shanghai tumbled well over 3 percent. U.S. stock futures slipped further after the S&P 500 Index closed down 2.5 percent, the most in six weeks.
It’s been a miserable week for higher-risk markets globally, as a trade war edged closer, the tech sector was roiled by Facebook Inc.’s privacy scandal and data showed European growth sputtering. Traders had already been bracing for the possibility of slowing expansion as the Federal Reserve reiterated its commitment to further interest-rate increases after Wednesday’s hike.
Adding to the image of the ascendance of the “America first” faction, Trump said he is replacing White House National Security Adviser H.R. McMaster with John Bolton, a controversial foreign-affairs specialist whom the U.S. Senate declined to confirm as President George W. Bush’s ambassador to the United Nations.
Stocks
The Stoxx Europe 600 Index declined 1.4 percent as of 9:23 a.m. London time, to the lowest in more than 13 months.
Futures on the S&P 500 Index fell 0.5 percent to the lowest in six weeks.
The U.K.’s FTSE 100 Index decreased 0.6 percent to the lowest in more than 15 months.
Germany’s DAX Index declined 1.2 percent.
France’s CAC 40 Index dipped 1.2 percent.
Currencies
The euro increased 0.3 percent to $1.2337.
The British pound advanced less than 0.05 percent to $1.4101.
Bonds
The yield on 10-year Treasuries fell one basis point to 2.82 percent, the lowest in more than a week.
Germany’s 10-year yield decreased one basis point to 0.53 percent, the lowest in more than 10 weeks.
Britain’s 10-year yield declined two basis points to 1.4 percent, the lowest in eight weeks.
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