Global Stocks slid on Thursday
Global stocks slid further on Thursday as the standoff between the world’s two largest economies extended beyond trade, reducing the odds of a “phase-one” deal this year and forcing investors to seek shelter in safe-haven assets.
- European shares extended their losses from Wednesday with the pan-European STOXX 600 (STOXX) and the trade-sensitive Germany’s DAX 30 (GDAXI) both sliding 0.7% to fresh two-week lows.
- MSCI’s broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) fell 1.1% to a near three-week lows, with Hong Kong’s Hang Seng (HSI) tumbling 1.6% while Japan’s Nikkei (N225) dropped 0.5%. Chinese mainland shares dropped 0.3% (SSEC).
- U.S. S&P500 futures (ESc1) were down 0.2%, having dropped as much as 0.6% in Asian trade, a day after all three major indexes fell, with the S&P 500 (SPX) losing 0.4%.
- The Chinese yuan hit three-week lows, trading as low as 7.0450 to the dollar in onshore trade.
- The dollar was soft against the yen at 108.59 compared to this week’s high of 109.07 touched on Monday.
- Japan’s currency has rallied almost 1% from more than five-month lows hit against the greenback earlier this month.
- Global benchmark Brent futures dropped 0.5% to $62.08. U.S. West Texas Intermediate (WTI) crude futures were down 0.5% at $56.73 per barrel in early Thursday trade.
- Spot gold climbed 0.2% to $1,473.56 per ounce as of 0852 GMT.