Simmering trade and political tensions and a pumped-up dollar weighed on
world shares on Thursday, while oil prices were under pressure before
an OPEC meeting expected to increase the world’s supply of crude.
Europe’s main stock markets were back near two-month lows and Wall Street futures had also turned lower [.N], as the jitters that have dominated markets for months began to reassert themselves.
Europe’s car shares .SXAP fell to a nine-month lows after Mercedes-Benz maker Daimler (DAIGn.DE) warned the global trade tensions were slowing its sales. Italian stocks and bonds also tumbled on reports a eurosceptic had been given a key finance role.
Asia had been mixed, too, with Japan's Nikkei .N225 adding 0.6 percent and Australia's main index enjoying another strong day before the end of its financial year next week.
China remained the weak link, though, finished more than 1 percent lower .CSI300 .SZSC .SSEC [.SS], and ensured MSCI's broadest index of Asia-Pacific shares .MIAPJ0000PUS fell, dropping as much as 0.5 percent higher at one point.
Strains were compounded by the dollar’s surge to an 11-month high [FRX/]. That raises inflation outside the U.S. and puts pressure on any country or company that has gorged itself on dollar-denominated debt.
The mere absence of new threats from U.S President Donald Trump on tariffs was nevertheless enough to keep hopes alive that all the bluster was a ploy which would stop short of an outright trade war.
Markets had also been encouraged by the People's Bank of China's move to set firm fixings for its yuan, along with the addition of extra liquidity, though the spot yuan rate CNY=CFXS did hit a fresh five-month low.
On Wall Street on Wednesday, tech stocks helped the Nasdaq to an all-time high, though the moves were modest. The Dow Jones .DJI fell 0.17 percent, the S&P 500 .SPX gained 0.17 percent and the Nasdaq .IXIC 0.72 percent.
Twenty-First Century Fox Inc (FOXA.O) had climbed 7.5 percent after Walt Disney Co (DIS.N) sweetened its offer for some of the company’s assets to $71.3 billion, looking to topple Comcast Corp’s (CMCSA.O) bid.
Europe’s main stock markets were back near two-month lows and Wall Street futures had also turned lower [.N], as the jitters that have dominated markets for months began to reassert themselves.
Europe’s car shares .SXAP fell to a nine-month lows after Mercedes-Benz maker Daimler (DAIGn.DE) warned the global trade tensions were slowing its sales. Italian stocks and bonds also tumbled on reports a eurosceptic had been given a key finance role.
Asia had been mixed, too, with Japan's Nikkei .N225 adding 0.6 percent and Australia's main index enjoying another strong day before the end of its financial year next week.
China remained the weak link, though, finished more than 1 percent lower .CSI300 .SZSC .SSEC [.SS], and ensured MSCI's broadest index of Asia-Pacific shares .MIAPJ0000PUS fell, dropping as much as 0.5 percent higher at one point.
Strains were compounded by the dollar’s surge to an 11-month high [FRX/]. That raises inflation outside the U.S. and puts pressure on any country or company that has gorged itself on dollar-denominated debt.
The mere absence of new threats from U.S President Donald Trump on tariffs was nevertheless enough to keep hopes alive that all the bluster was a ploy which would stop short of an outright trade war.
Markets had also been encouraged by the People's Bank of China's move to set firm fixings for its yuan, along with the addition of extra liquidity, though the spot yuan rate CNY=CFXS did hit a fresh five-month low.
On Wall Street on Wednesday, tech stocks helped the Nasdaq to an all-time high, though the moves were modest. The Dow Jones .DJI fell 0.17 percent, the S&P 500 .SPX gained 0.17 percent and the Nasdaq .IXIC 0.72 percent.
Twenty-First Century Fox Inc (FOXA.O) had climbed 7.5 percent after Walt Disney Co (DIS.N) sweetened its offer for some of the company’s assets to $71.3 billion, looking to topple Comcast Corp’s (CMCSA.O) bid.
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