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European Shares Set To Open Broadly Lower Amid Trump Tariff Worries

RTTNews | 257 days ago

(RTTNews) - European stocks are seen opening broadly lower on Wednesday as investors ponder over Donald Trump's tariff plans and await the Fed's preferred readings on consumer price inflation later in the day for additional clues on the Fed's rate trajectory.

Trump on Tuesday named another China sceptic, Jamieson Greer, his trade envoy, a key figure in implementing the president-elect's economic agenda.

"Jamieson played a key role during my first term in imposing tariffs on China and others to combat unfair trade practices, and replacing the failed NAFTA deal with USMCA, therefore making it much better for American Workers," Trump said.

Also, Trump appointed Kevin A Hassett as the director of the White House National Economic Council.

As Chair of the Council of Economic Advisers, Hassett played a crucial role in helping design and pass the Tax Cuts and Jobs Act of 2017 and stood with me as we pursued our enormously successful agenda to Make America Great Again, Trump said in a separate statement.

Asian markets traded mixed, with benchmark indexes in South Korea and Japan drifting lower amid much uncertainty over Trump's tariff plans.

Stocks elsewhere in the region traded higher after China's October industrial profits signaled mixed trends. The safe-haven yen extended its strong run to hit a two-week high, weighed down by sagging Treasury yields.

The dollar steadied against major peers ahead of the October Personal Consumption Expenditures (PCE) price index due later on Wednesday and the Thanksgiving holiday on Thursday.

Gold clung to modest gains and oil prices were marginally lower as Israel approved a United States-brokered ceasefire agreement with Lebanon's Hezbollah.

According to U.S. President Joe Biden, the ceasefire deal involves Israeli forces withdrawing from Lebanon over 60 days, with Lebanon's military taking control of territory in the south of the country to ensure Hezbollah does not rebuild forces.

U.S. stocks rose overnight as President-elect Donald Trump threatened to impose increased tariffs on Mexico, Canada, and China to combat illegal immigration and drugs.

Meanwhile, the minutes of the Federal Reserve's latest monetary policy meeting showed that officials favor a gradual approach to lowering rates if economic data come in "about as expected, with inflation continuing to move down sustainably to 2 percent and the economy remaining near maximum employment."

The Dow rose 0.3 percent to log another new record closing high and the S&P 500 gained 0.6 percent to extend gains for the seventh straight session while the tech-heavy Nasdaq Composite added 0.6 percent.

European stocks closed on a weak note Tuesday as Trump's tariff threat prompted worries of a renewed trade war.

The pan European Stoxx 600 dipped 0.6 percent. The German DAX fell 0.6 percent, France's CAC 40 shed 0.9 percent and the U.K.'s FTSE 100 eased 0.4 percent.

Singapore Bourse May Give Up Support At 4,200 Points

The Singapore stock market has finished lower in two straight sessions, slipping more than 25 points or 0.6 percent along the way. The Straits Times Index now sits just above the 4,230-point plateau and it may extend its losses on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 23 minutes ago

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in five straight sessions, collecting more than 35 points or 2.4 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,560-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 53 minutes ago

Win Streak May End For Japan Stock Market

Ahead of Monday's holiday for Mountain Day, the Japan stock market had moved higher in four consecutive sessions, advancing more than 1,580 points or 3.8 percent along the way. The Nikkei 225 now sits just above the 41,820-point plateau although investors are likely to lock in gains on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red. The Nikkei finished sharply higher on Friday with gains cross the board, especially among the finance, automobile and technology sectors. For the day, the index surged 761.38 points or 1.85 percent to finish at 41,820.48 after trading between 41,248.05 and 42,033.92. Among the actives, Nissan Motor accelerated 2.75 percent, while Mazda Motor spiked 4.91 percent, Toyota Motor jumped 3.47 percent, Honda Motor rallied 3.95 percent, Softbank Group skyrocketed 10.39 percent, Mitsubishi UFJ Financial collected 0.64 percent, Mizuho Financial advanced 1.02 percent, Sumitomo Mitsui Financial added 0.71 percent, Mitsubishi Electric fell 0.28 percent, Sony Group soared 3.50 percent, Panasonic Holdings climbed 1.16 percent and Hitachi rose 0.50 percent. The lead from Wall Street is negative as the major averages opened mixed on Monday, rallied midday but then slumped in the afternoon and finished under water.

RTTNews | 1h 8min ago

Continued Consolidation Called For South Korea Shares

The South Korea stock market has finished lower in back-to-back sessions, sinking more than 20 points or 0.6 percent along the way. The KOSPI now sits just above the 3,200-point plateau and it may take further damage again on Tuesday. The global forecast for the Asian markets is soft ahead of key U.S. inflation data. The European markets were mixed and the U.S. bourses were down and the Asian markets also figure to track into the red.

RTTNews | 1h 23min ago

Australia Interest Rate Decision On Tap For Tuesday

The Reserve Bank of Australia will wrap up its monetary policy meeting this morning and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The RBA is expected lower its benchmark lending rate by 25 basis points, to 3.60 percent from 3.85 percent.

RTTNews | 2h 23min ago

U.S. Dollar Firms Against Majors

The U.S. dollar strengthened against its major counterparts in the New York session on Monday.

RTTNews | 3h 46min ago

Swiss Market Fails To Hold Early Gains, Ends Just Slightly Up

Despite opening on a firm note, the Switzerland market paring gains and even slipped into negative territory in late afternoon trades on Monday, but managed to end the day's session slightly up.

RTTNews | 6h 38min ago

European Stocks Close On Mixed Note After Cautious Session

European stocks turned in a mixed performance on Monday after a cautious session as investors looked ahead to upcoming talks between the U.S. and Russia on the Ukraine war issue, and the ongoing tariff negotiations between the U.S. and China, as well as some crucial economic data, including a report on consumer price inflation in the world's largest economy.

RTTNews | 7h 3min ago

EURUSD	1.16139	GBPUSD	1.34311	AUDUSD	0.65189
USDJPY	148.348	USDCAD	1.37762	USDCHF	0.81204