Markets

Dow dives nearly 800 points on fears of economic slowdown

Dow dives nearly 800 points on fears of economic slowdown

The S&P 500 lost 2.8 percent of its value, and the Nasdaq fell by 3.3. percent. Trump renewed threats of tariff hikes on Tuesday, saying on Twitter that Washington would have a "real deal" with China or else would charge "major tariffs" on Chinese goods.

Trump announced via a weekend tweet that China would "start purchasing agricultural product immediately", and that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S". In Japan, the Nikkei 225 index fell 0.4 percent to 21,946.94.

Defensive Utilities .SPLRCU eked out a 0.2 percent gain, the only one of the 11 major S&P 500 sectors in positive territory. That's stoked traders' fears that if it drags much longer it could further weigh on global economic growth.

Wall Street fell more by than three per cent overnight, led by ongoing investor scepticism over the trade truce between US President Trump and China's President Xi Jinping. "Concerns were also compounded by increasing news narrative on inverted curves and risks of a recession".

Analysts said Tuesday's decline in stocks also reflected rising skepticism about a weekend announcement that US President Donald Trump meant to halt new tariffs on China for 90 days while the two countries work out a long-term trading deal.

Gold gained 0.6 percent to $1,246.60 an ounce.

This is a much different characterisation of the China talks than just three days ago when Trump had dinner with China's president at a meeting of the Group of 20.

The trade dispute has rattled markets in recent months as signs emerged that it has begun affecting corporate profits.




Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush.

"Maybe we're not going to get as dovish a Fed as some think", said Joseph LaVorgna, chief economist, Americas at Natixis in NY.

The comments came after those from Fed chair Jerome Powell last week, which lifted stocks as they were interpreted as suggesting a less aggressive path of rate hikes.

Investors were focused on U.S. Treasury yields, where the benchmark 10-year yield fell to its lowest point since mid-September.

The jitters helped drive demand for government bonds Tuesday, pushing prices higher. The slide in bond yields, which affect interest rates on mortgages and other consumer loans, weighed on bank stocks.

Financial shares .SPSY , which are particularly sensitive to bond market swings, dropped 4.4 percent.

The price of oil is really in bear territory. The FTSE 100 index of leading British shares slid 0.6 per cent. Brent crude, used to price global oils, lost 63 cents to $61.45 per barrel in London.

The dollar weakened to 112.82 yen from 113.69 yen late Monday. The euro was flat at $1.1345.


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