Global stocks plunge on US-China trade war worries

— Global stock markets plunged Friday after President Donald Trump’s surprise threat of tariff hikes on additional Chinese imports.In early trading, London’s main index lost 2% and Frankfurt fell 2.5%. Tokyo’s benchmark was off 2.1% and Hong Kong retreated 2.5%. Markets in Shanghai, Sydney, and Paris also fell.

That came after Federal Reserve Chairman Jerome Powell disappointed traders Wednesday by suggesting the US central bank had no plans for an extended cycle of interest rate cuts. The yuan tumbled to 6.9520 to the dollar, its weakest since December, but recovered slightly by midday. On Thursday, the S&P 500 fell for a fourth day, losing 0.9%. The Dow declined 1%. The Nasdaq composite ended 0.8% lower.

Beijing retaliated with tariffs on $110 billion of American goods, including agricultural products, in a direct shot at Trump supporters in the US farm belt.

Source: News Formal (newsformal.com)

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