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AFP
London
Stock markets on both sides of the Atlantic staged a fightback Tuesday, paring heavy losses sparked by a raging US-China trade war over the past week.
World oil prices bobbed higher on concerns about tensions in the crude-rich Middle East, dealers said.
“Equities are attempting to claw back some lost ground,” noted analyst Chris Beauchamp at trading firm IG, “but the overall atmosphere of caution still prevails”.
On Wall Street the Dow had regained 320 points, or 1.3 percent, by the late morning, having lost a whopping 2.4 percent on Monday.
The tech-heavy Nasdaq, which had plunged 3.4 percent Monday, was also 1.3 percent higher at that time.
“US stocks are recovering from yesterday’s drop in early action, which was the largest one-day fall since January, with the escalated trade tensions between the US and China continuing to be eyed,” Charles Schwab analysts said.
They added, however, that President Donald Trump’s statement that a meeting next month with Chinese President Xi Jinping would be “successful” gave investors some hope for a peaceful resolution of the trade standoff.
Europe’s main stock markets were all higher at the close, with Paris the best performer.
- ‘Bearish sentiment’ -Earlier Tuesday Asian markets had plunged further in reaction to Monday’s US stock plunge, seen after China hiked tariffs on $60 billion of US imports.
That has ramped up sizzling tensions in a trade war between the world’s two biggest economic powers.
The latest move by Beijing was followed by a warning of further action such as dumping US Treasuries and came days after Washington more than doubled levies on $200 billion of Chinese goods and Trump said he was looking at more than $300 billion more.
The China-US trade conflict has sent shockwaves across trading floors, where most dealers had a little over a week ago been confident the two sides were close to a deal.
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15/05/2019
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