Saturday, 24 August 2019

US stocks plunge after US-China trade war escalates

US stocks fell sharply on Friday, the S&P 500 plunging 2.6 percent.

Elsewhere, the STOXX Europe 600 fell 0.8 percent while the Nikkei 225 rose 0.4 percent.

Markets fell after China announced new tariffs on US imports and US President Donald Trump responded by ordering US companies “to immediately start looking for an alternative to China”.

Federal Reserve Chairman Jerome Powell did provide some support for the market in his speech at the meeting of central bankers at Jackson Hole.

“We have seen further evidence of a global slowdown,” he noted.

US economic data on Friday added to the evidence: new home sales in July fell 12.8 percent.

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