3.10 - new US tariffs are destroying world markets
United States are joking. It seems that America has lost its mind and now we are forced to deal with the fallout of their decisions. I am of course talking about a new portion of tariffs which were imposed by the US on… Europe this time. Of course such decision did influence a segment of the market – Asian one. With Europe coming under fire, there is practically no hope left for Asia, so traders decided to send its shares and stocks into the selloff – no hope, no gains.
Yes, yes, US has imposed trading tariffs on Europe. It seems that European planes, cheese and whiskey started to be too much of a burden for USA and Trump decided that enough is enough – it is time for imposing some new tariffs. But this is not helping American markets. we can see that today there is the extension of losses in the American stock and currency markets. Echo is undoubtedly going to have more impact on US market in the nearest future.
In the meantime, we can enjoy gaining euro and adding pound. These currencies need more attention and support as both of them are going through serious changes and the more we are going to ignore them, the less likely they are going to recover.
Commodities are going in different direction today. Gold and other precious metals are losing, just like they did yesterday while oil is mixed. This all comes amidst weird performance from the USD, so it is only natural that traders around the world would not understand what to do with commodities.
The situation gets more difficult as we go.
Here are the changes for today:
Topix lost 1.9 percent.
Kospi decreased 1.95 percent.
Shanghai Composite lost 0.9 percent.
Hang Seng from Hong Kong dropped 0.5 percent.
S&P 500 futures surged 0.2 percent.
Dollar was flat against the basket of six major currencies after yesterday’s session.
Euro added 0.2 percent against the greenback - $1.0956
Yen surged 0.6 percent – 107.12 per dollar.
Pound added 0.1 percent - $1.229.
Apple shed 2.5 percent - $218.96.
Facebook slid 0.7 percent – $174.6.
Amazon dropped 1.3 percent - $1713.23 per share.
Tesla lost 0.6 percent - $243.13.
Google shares declined 2.3 percent - $1177.92.
WTI grew 0.3 percent - $52.79 per barrel.
Brent barely moved - $57.68 per barrel.
Gold lost 0.2 percent - $1504.9 per ounce.
Silver dropped another 0.2 percent - $17.65 per ounce.
Platinum declined just a little bit more – $887.43.