Fri, 29 May 2020

Wall St drops on worsening U.S.-China trade relations

Lola Evans
22 May 2020, 09:36 GMT+10

NEW YORK, New York - U.S. stocks were hit on Friday as the Trump organization ramped up its attacks on China, with Secretary of State Mike Pompeo lashing the country over the coronovirus outbreak, while the president threatened alterations to the partial trade deal signed off earlier this year.

"It seems like China is going to be used as a punching bag for the upcoming elections," Bob Shea, CEO and co-chief investment officer at TrimTabs Asset Management in New York was quoted as saying by the Reuters Thomson news agency on Friday.

"The White House has resolved to itself that it is more effective to swing at China than to salvage what was going to already be a watered-down Phase 1 trade deal. You don't score any points for that," Shea said.

At the close of trading Friday, the Dow Jones Industrial Average was down 101.78 points or 0.41% at 24,474.12.

The Standard and Poor's 500 fell 23.10 points or 0.78% to 2,948.51.

The Nasdaq Composite shed 90.90 points or 0.97%, to 9,284.88.

The euro eased a touch to 1.0950 on foreign exchange markets Friday. The British pound was litle changed at 1.2224. The Japanese yen rose a touch to 107.63.

The Swiss franc weakened to 0.9707. The Canadian dollar eased a touch to 1.3950. The Australian dollar was in a coma at 0.6565. The New Zealand dollar withstood weaker retail sales data to remain solid at 0.6124.

In Europe the German Dax dropped 1.41%. The Paris-based CAC 40 was down 1.15. London's FTSE 100 lost 0.86%.

On Asian markets, in Japan, the Nikkei 225 slid 42.84 points or 0.21% to close Thursday at 20,552.31.

The Shanghai Composite lost 15.81 points or 0.55% to 2,867.92.

In Hong Kong the Hang Seng fell 119.91 points or 0.49% to 24,280.03.

The Australian All Ordinaried slipped 19.20 points or 0.20% to 5,660.90.

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