Wall Street fell sharply as Trump said he has 'no deadline' for a deal with China - and didn't mind waiting until after the 2020 election to make one.
Global stocks fell broadly after President Donald Trump cast doubt over the potential for a trade deal with China this year and threatened to impose tariffs on French goods.
The selling knocked the Dow Jones Industrial Average more than 350 points lower and had the S&P 500 on track for its third straight loss as the market continued to give up gains after a strong November rally.The ASX is set for another heavy day of losses, with futures at 5.30am AEDT pointing to a fall of 64 points, or 1 per cent, at the open. On Monday,Trump said he has "no deadline" for a deal and didn't mind waiting until after the 2020 election to make one.
proposed tariffs on $US2.4 billion in French products in retaliation for a tax on global tech giants including Google, Amazon and FacebookIn mid-afternoon trade, The S&P 500 index was down 1 per cent. The Dow is 379 points, or 1.4 per cent lower, at 27,403. The index was briefly down 457 points. The Nasdaq has fallen 1 per cent. The Russell 2000 index of smaller company stocks has retreated 0.6 per cent.Technology stocks led the losses.
Bank stocks also suffered heavy losses as investors headed for the safety of bonds and pushed yields lower. Banks rely on higher bond yields to charge more lucrative interest rates on mortgages and other loans. The yield on the 10-year Treasury fell sharply to 1.7 per cent from 1.83 per cent late Monday.Utilities and real estate companies held up the best as investors shifted money to the safe-play sectors.
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