Wall Street was set to open lower on Monday, pressured by fears of an
escalating trade dispute between the United States and China after
Beijing responded to import tariffs imposed by President Donald Trump.
In response to Trump’s $50 billion in tariffs on Chinese goods, Beijing retaliated immediately by slapping duties on American export products, including crude oil, and suspended all previous trade agreements with Trump’s administration.
Global financial markets have struggled since February in the face of signs that Washington and Beijing were headed toward a trade war after several rounds of negotiations failed to resolve U.S. complaints over Chinese industrial policy, market access and a $375 billion trade gap.
Shares of manufacturers Boeing (BA.N) and Caterpillar (CAT.N) were down around 1 percent and 1.2 percent respectively in premarket trading.
Oil prices, which were lower in early global trading, steadied ahead of an OPEC meeting where top suppliers Saudi Arabia and Russia are expected to agree to increase global crude supply.
At 8:18 a.m. ET, Dow e-minis 1YMc1 were down 220 points, or 0.88 percent, S&P 500 e-minis ESc1 were down 20.25 points, or 0.73 percent, and Nasdaq 100 e-minis NQc1 were down 60.5 points, or 0.83 percent.
JD.Com’s (JD.O) U.S.-listed shares were up nearly 8 percent in premarket after Alphabet’s (GOOGL.O) Google invested $550 million in the Chinese e-commerce powerhouse.
Biotechnology firm China Biologic (CBPO.O) was up nearly 20 percent in premarket after Chinese investment giant CITIC Capital Holdings offered to buy it in a deal valuing the company at $3.65 billion.
General Electric’s (GE.N) shares fell 0.30 percent in premarket after it said it will ax 1,200 jobs in Switzerland.
In response to Trump’s $50 billion in tariffs on Chinese goods, Beijing retaliated immediately by slapping duties on American export products, including crude oil, and suspended all previous trade agreements with Trump’s administration.
Global financial markets have struggled since February in the face of signs that Washington and Beijing were headed toward a trade war after several rounds of negotiations failed to resolve U.S. complaints over Chinese industrial policy, market access and a $375 billion trade gap.
Shares of manufacturers Boeing (BA.N) and Caterpillar (CAT.N) were down around 1 percent and 1.2 percent respectively in premarket trading.
Oil prices, which were lower in early global trading, steadied ahead of an OPEC meeting where top suppliers Saudi Arabia and Russia are expected to agree to increase global crude supply.
At 8:18 a.m. ET, Dow e-minis 1YMc1 were down 220 points, or 0.88 percent, S&P 500 e-minis ESc1 were down 20.25 points, or 0.73 percent, and Nasdaq 100 e-minis NQc1 were down 60.5 points, or 0.83 percent.
JD.Com’s (JD.O) U.S.-listed shares were up nearly 8 percent in premarket after Alphabet’s (GOOGL.O) Google invested $550 million in the Chinese e-commerce powerhouse.
Biotechnology firm China Biologic (CBPO.O) was up nearly 20 percent in premarket after Chinese investment giant CITIC Capital Holdings offered to buy it in a deal valuing the company at $3.65 billion.
General Electric’s (GE.N) shares fell 0.30 percent in premarket after it said it will ax 1,200 jobs in Switzerland.
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