Friday, 16 November, 2018


NZ dollar lifted as Donald Trump predicts great deal with China

Stocks slide again on report the U.S. plans more tariffs on Chinese goods People pass the New York Stock Exchange
Conrad Doyle | 01 November, 2018, 23:37

The Dow Jones industrial average swung between a gain of 352 points and a loss of 566 before closing down 245.39 points, or 1%, at 24,442.92.

Speaking weeks before a highly anticipated face-to-face meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit in Argentina, Cui Tiankai said the US-China relationship, which will mark its 40th anniversary next January, "has made great strides, while also it has had its share of setbacks".

He said he has 267 billion dollars of new tariffs waiting to go if he can not make a deal with China.

The S&P 500 Index looked set to extend its rally from a day earlier as more company results rolled in, with General Motors, GlaxoSmithKline and Sprint among those beating expectations.

Canada's main stock index reversed course to trade higher on Tuesday, led by gains in industrial stocks.

IBM saw its stock increase early Monday after news of its acquisition of cloud computing software company Red Hat for $34 billion, but it ultimately closed down 4 percent. The S&P 500 Index fell as much as 2.1 percent before paring the drop and ending the day down 0.7 percent. Natural gas was unchanged at $3.19 per 1,000 cubic feet.Gold lost 0.7 percent to $1,227.60 an ounce.

Amazon.com dropped another 6.3 percent to $1,538.88. But there are risks in the background, from the American midterm elections to trade talks with China.

Among industrials, Boeing sank 6.6% to $335.59. Most of those imports are now being charged a 10 percent tariff, which is set to increase to 25 percent at the end of the year. Italian bonds bucked a decline as the risk-on mood sent core European debt lower. Trade-sensitive industrial shares rose almost 1.2 per cent in mid-morning trading.

Brazil's Bovespa rose in morning trading after far-right politician Jair Bolsonaro was elected president, but it later ended down 2.2%.

US crude fell 1.28 percent to $66.18 per barrel and Brent was last at $76.07, down 1.64 percent. Brent crude, used to price worldwide oils, lost 19 cents to $77.18 per barrel.

Oil has been caught in the global financial market slump this month, with equities under pressure from the trade conflict between the world's two largest economies.

The yield on 10-year Treasuries added one basis point to 3.08 percent.

The dollar rose to 112.35 yen from 111.85 yen. The euro fell as Germany's Angela Merkel said she will quit as head of her party after almost two decades, though she intends to see out her term as chancellor.

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