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3 April 2018
 |
| Japan financial markets (The Total Investment & Insurance
Solutions) |
Global stock markets fell for a second day Tuesday as investors
continued to fret over a looming trade war between the U.S. and China and
mounting public scrutiny of technology companies.
Stocks have been trending lower for weeks
largely because of a series of tariffs announced by U.S. President Donald Trump
and the Facebook data privacy scandal, which has raised the prospect of tighter
regulation for social media and other tech stocks. The Total Investment & Insurance Solutions
In the last week, Trump has also tweeted
repeatedly about his new favorite foe, Amazon, whose owner also owns The
Washington Post, which has been critical of the Trump administration. The Total Investment & Insurance
Solutions
Trump has approved possible higher U.S.
duties on $50 billion of Chinese goods in response to complaints that Beijing
steals or pressures foreign companies to hand over technology. Those tariffs
come on top of previous proposals to raise tariffs on imported steel and
aluminum.
In response, China announced it is raising
tariffs on $3 billion of U.S. goods including pork, apples and steel pipe,
increasing the risk of a broader conflict that might depress global trade. The Total Investment & Insurance
Solutions
"The mood remains decidedly bearish, and
there is certainly no shortage of reasons to be fearful," said Chris
Beauchamp, chief market analyst at IG. "It's times like this when
investors face a choice — whether to sit and await developments or plunge back
in."
That was evident in the performance of stocks
on Tuesday.
Returning from the long Easter holiday
weekend, Europe's stock markets tracked others lower, though the scale of the
losses were diminished by expectations of a rebound on Wall Street later. The Total Investment & Insurance
Solutions
In Europe, Germany's DAX fell 0.8 percent to
11,999 while London's FTSE 100 declined 0.2 percent to 7,037. France's CAC 40
was 0.5 percent lower at 5,140.
Wall Street was poised for some solid gains
at the open Tuesday with Dow futures and the broader S&P 500 futures up 0.5
percent. On Monday, the S&P posted its worst start to a quarter since
October 2011 and saw the index fall below its 200-day moving average for the
first time in almost 2 years.
U.S. technology companies are in the
spotlight, notably Amazon, which posted hefty losses of around 5 percent Monday
after Trump again voiced his concerns about the company on Twitter. The Total Investment & Insurance
Solutions
The sector was already in the gaze of
investors after Facebook's data scandal last month that has raised the prospect
of heightened regulation. Netflix, Microsoft and Google parent Alphabet have
all seen their share prices decline.
"Pressure on the sector doesn't appear
to be going away in the near-term which will continue to act as a drag on
indices," said Craig Erlam, senior market analyst at OANDA. The Total Investment & Insurance
Solutions
Earlier in Asia, the Shanghai Composite Index
lost 0.8 percent to 3,163.63 and Tokyo's Nikkei 225 shed 0.4 percent to
21,292.29. Sydney's S&P-ASX 200 declined 0.1 percent to 5,751.90.
Elsewhere, Seoul's Kospi ended down 27 points at 2,442.43. Hong Kong's Hang
Seng bucked the trend, ending up 0.2 percent at 30,137.49. The Total Investment & Insurance
Solutions
Elsewhere, the euro was flat at $1.23 while
the dollar rose 0.3 percent to 106.23 yen. In the oil markets, a barrel of U.S.
crude gained 22 cents to $63.23 per barrel in electronic trading on the New
York Mercantile Exchange while Bren crude, used to price international oils,
rose 29 cents to $67.93 in London.The
Total Investment & Insurance Solutions
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