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Todays News For : 11-20-2019
Dow drops more than 100 points on report ‘phase one’ trade deal may not be
completed this year ‘Phase one’ trade deal may not be completed this year:
Stocks fell on Wednesday, pulling back from record highs after Reuters reported a so-called phase one trade deal between China and the U.S. may not be completed by the end of 2019.
The Dow Jones Industrial Average was down 133 points, or 0.5%. The S&P 500 slid 0.4% while the Nasdaq Composite dropped 0.6%.
“It looks like some of the story-lines that have been intertwined with the market have started to put up more of a headwind for stocks,” said Daniel Deming, managing director at KKM Financial. “The market is having more trouble navigating this landscape and it’s primarily due to the fact that the trade situation has stalled.”
European stocks close lower after Trump threatens to hike tariffs on China
During a meeting with his cabinet on Tuesday, the president said that if China did not make a deal, he would “just raise tariffs even higher.”
Asia stocks decline as Trump threatens higher tariffs if China doesn’t strike
Asia stocks declined on Wednesday.
U.S. President Donald Trump threatened to raise tariffs on Chinese goods if the two economic powerhouses do not strike a deal.
Markets have been on edge for much of the trading week as investors seek clarity on the state of U.S.-China trade negotiations as a Dec. 15 deadline approaches. A tariff hike on Chinese exports to the U.S. is set to kick in on that date.
The People’s Bank of China released its new loan prime rates earlier on Wednesday. The 1-year and 5-year loan prime rates were cut by 0.05% each from a month earlier to 4.15% and 4.8%, respectively.