Asia shares set to fall as Sino-U.S. strains hit confidence
By Chris Prentice WASHINGTON (Reuters) - Asian shares were set for another retreat on Friday as U.S.-China tensions curbed investor risk appetite and caused global equity markets to stumble.
By Chris Prentice
WASHINGTON (Reuters) - Asian shares were set for another retreat on Friday as U.S.-China tensions curbed investor risk appetite and caused global equity markets to stumble.
Hong Kong futures
Australian S&P/ASX 200 futures
Global equities pulled back after Beijing was set to impose new national security legislation on Hong Kong. The move drew a warning from President Donald Trump, who said the United States would react "very strongly" against it.
The back-and-forth between the world's two largest economies stoked worries that the tensions could threaten "Phase 1" of a U.S.-China trade deal reached early this year.
That prompted Wall Street shares to slip from the two-month highs made in the previous session on hopes of a economic recovery as governments began to lift their coronavirus restrictions.
The majority of the 11 S&P sector indexes declined, leaving the main benchmark S&P 500 <.SPX> down 0.78%. Dow Jones Industrial Average <.DJI> finished down 0.41% and the Nasdaq Composite <.IXIC> fell 0.97%.
The U.S. dollar, seen as a safe-haven, rose amid those concerns. The dollar index <=USD>, which measures the greenback’s strength against six major currencies, was up 0.1%.
Crude oil futures
"Thus far, traders were right to call a trough in global demand in April," AxiCorp Chief Global Markets Strategist Stephen Innes said in a daily note. "Still, oil prices will remain sensitive to any hint that the easing of global lockdowns might result in the 2nd wave of COVID-19 infections and, therefore, a more protracted impact on demand."
(Reporting by Chris Prentice in Washington; Editing by Sam Holmes)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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